2023-034A - Laserfiche WebLink

Home Browse Search

EXHIBIT C COLLATERAL ASSIGNMENT OF LEASE FOR VALUE RECEIVED, the undersigned ("Assignor") assigns, transfers and sets over to FIVE GUYS FRANCHISOR, LLC, a Delaware limited liability company (together with its affiliates, "Assignee"), all of Assignor's right and title to and interest in that certain "Lease" governing the FIVE GUYS® located at (the "Lease"). This assignment is for collateral purposes only and, except as specified in this document, Assignee shall have no liability or obligation of any kind whatsoever arising from or in connection with this assignment or the Lease unless and until (i) Assignee takes possession of the premises, (ii) the Lease demises according to the terms of this document, and (iii) Assignee expressly assumes Assignor's obligations under the Lease. Assignor represents and warrants to Assignee that it has full power and authority to assign the Lease and that Assignor has not previously assigned or transferred and is not otherwise obligated to assign or transfer any of its interest in the Lease or the premises it demises. Upon Assignor's default under the Lease or under the "Franchise Agreement" for the FIVE GUYS® Restaurant located on the premises governed by the Lease (the "Franchise Agreement"), the Assignee has the right to take possession of the premises the Lease demises and expel Assignor from the premises. In that event, Assignor shall have no further rights, title to, or interest in the Lease but shall remain liable to Assignee for any past due rental payments or other charges Assignee is required to pay Lessor to effectuate the assignment this document contemplates. Assignor agrees that it shall not suffer or permit any surrender, termination, amendment or modification of the Lease without Assignee's prior written consent. Throughout the term of the Franchise Agreement, Assignor agrees that it shall elect and exercise all options to extend the term of or renew the Lease not less than thirty (30) days before the last day upon which the option must be exercised, unless Assignee agrees otherwise in writing. In the event Assignor fails to elect to extend or renew the Lease as required, Assignor appoints Assignee as its true and lawful attorney-in-fact with the authority to exercise the extension or renewal options of the Lease in the name, place and stead of Assignor for the sole purpose of effecting such extension or renewal. ASSIGNEE: FIVE GUYS FRANCHISOR, LLC By: Name: Title: ASSIGNOR: FLOW SMA TIAN, LLC Signatory