What is the Assignor assigning to the Assignee in the Jersey Mikes Assignment of Area Development Agreement?
Jersey_Mikes Franchise · 2025 FDDAnswer from 2025 FDD Document
WHEREAS, the Assignor desires to assign its rights as Developer under the Area Development Agreement to the Assignee; and
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is acknowledged, the Franchisor, Assignor, Assignee, and Guarantors hereby agree as follows:
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- The Assignor hereby assigns all of its right, title and interest in the Area Development Agreement to the Assignee. The Franchisor hereby consents to this transfer. The Assignee hereby assumes and agrees to comply with all of the terms and conditions of the Area Development Agreement.
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- Sections 1 and 2 of the Summary Pages of the Franchise Agreement are hereby amended and restated as follows:
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- DEVELOPER(S):
Business Name (if partnership, corporation or LLC):
Names of Individual(s) with Ownership Interests in ADA:
Name(s) of Authorized Signatory or Signatories:
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- DEVELOPER(S)'S GUARANTOR(S):
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- The Franchisor, the Assignor, the Assignee, and Guarantors shall execute this Assignment which shall be attached to and become part of the Area Development Agreement.
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- Except as amended by this Assignment, the Area Development Agreement remains in full force and effect.
Source: Item 22 — CONTRACTS (FDD page 77)
What This Means (2025 FDD)
According to the 2025 Jersey Mikes Franchise Disclosure Document, the Assignor is transferring all rights, title, and interest in the Area Development Agreement to the Assignee. This transfer is made with the consent of Jersey Mikes as the Franchisor. The Assignee, upon accepting this assignment, agrees to comply with all the terms and conditions outlined in the original Area Development Agreement.
This assignment means the Assignee steps into the shoes of the original developer, assuming all responsibilities and benefits associated with the Area Development Agreement. Jersey Mikes retains the right to ensure the Assignee meets their standards and qualifications. The agreement stipulates that the Franchisor, Assignor, Assignee, and any Guarantors must execute the Assignment, which then becomes an integral part of the Area Development Agreement.
Furthermore, the document specifies that except for any amendments made by the Assignment, the original Area Development Agreement remains fully effective. This ensures continuity and clarity regarding the obligations and rights of all parties involved. Sections 1 and 2 of the Summary Pages of the Franchise Agreement are amended and restated to reflect the new developer information.