What is the 'Premises' as defined in the Collateral Assignment of Lease for a Kitchen Solvers franchise?
Kitchen_Solvers Franchise · 2025 FDDAnswer from 2025 FDD Document
WHEREAS, Tenant is the tenant under a certain lease (or sublease), dated (the "Lease"), wherein Landlord leased to Tenant certain premises at (the "Premises"); and WHEREAS, Tenant and have, or will, enter into a Franchise Agreement (the "Franchise Agreement"), whereby will grant to Tenant the right to open and operate a KITCHEN SOLVERS® franchised business under Franchisor's system at the Premises; and WHEREAS, as a condition to entering into the Franchise Agreement, has required that Tenant assign its right, and interest in the Lease, with the right to reassign (as provided therein), as security for Tenant's obligations and Franchisor's rights under the Franchise Agreement; and WHEREAS, in order to induce to enter into the Franchise Agreement, Tenant has agreed to assign its right, and interest in the Lease, with the right to reassign (as provided therein), as security for Tenant's obligations and Franchisor's rights under the Franchise Agreement.
NOW THEREFORE, in consideration for the foregoing premises and the mutual promises contained herein and in the Franchise Agreement, and in order to secure Tenant's obligations and Franchisor'srights under the Franchise Agreement, Tenant does hereby collaterally assign, transfer and set over unto Franchisor, with the right to reassign (as provided herein), all of its right, and interest in and to the Lease and in and to the Premises; it being nevertheless expressly understood and agreed that this assignment is made and is consented to the Landlord contingent upon the following terms, covenants, limitations and conditions: Tenant's Right to Possession.
Tenant shall retain right to possession of the 1.
Premises in accordance with the terms and conditions of the Lease until the occurrence of an Assignment Event (as defined in paragraph 2 of this Agreement).
Source: Item 22 — Contracts (FDD page 49)
What This Means (2025 FDD)
According to Kitchen Solvers' 2025 Franchise Disclosure Document, the "Premises" in the Collateral Assignment of Lease refers to the specific location that the Landlord has leased to the Tenant under the lease agreement. This location is where the Kitchen Solvers franchised business will operate.
The Collateral Assignment of Lease is an agreement among the tenant (franchisee), KS LA CROSSE INVESTMENTS, LLC (franchisor), and the landlord. It ensures that the franchisee's rights and interest in the lease are assigned to Kitchen Solvers as security for the franchisee's obligations under the Franchise Agreement. This assignment is a condition for Kitchen Solvers entering into the Franchise Agreement.
The franchisee retains the right to possess the premises according to the lease terms until an "Assignment Event" occurs, such as a default under the Franchise Agreement, termination of the Franchise Agreement, or the franchisee expressing a desire to terminate the lease. Upon such an event, Kitchen Solvers has the option to exercise its rights under the Collateral Assignment of Lease.