What is the duration of the option granted to the Ledgers Franchisor to cure any Default under the Lease?
Ledgers Franchise · 2025 FDDAnswer from 2025 FDD Document
Landlord shall provide Franchisor with copies of any written notice of default ("Default") given to Tenant under the Lease, and Landlord grants to Franchisor the option (but not the obligation) to cure any Default under the Lease (should Tenant fail to do so) within 10 days after the expiration of the period in which Tenant may cure the Default.
Source: Item 22 — CONTRACTS (FDD page 46)
What This Means (2025 FDD)
According to the 2025 Ledgers Franchise Disclosure Document, if a Ledgers franchisee defaults on their lease, the landlord must provide Ledgers with a copy of the default notice. Ledgers, at its option, has the right to cure the default if the franchisee fails to do so.
Ledgers has 10 days after the expiration of the period in which the franchisee may cure the default to take action. This means Ledgers' cure period runs concurrently with the franchisee's cure period.
This clause protects Ledgers by allowing them to maintain control over the location of a franchise, which is critical to the brand's success. By stepping in and curing a default, Ledgers can prevent the loss of a location and ensure continued operation under the brand name. This is a fairly standard clause in franchise agreements where the franchisor wants to maintain brand consistency and operational control.