It's a different type of agreement for the Chinese Theater Facade at the Studios. Disney approached Grauman's to get the rights in the first place, for although it might have been legal to build an exact replica, actually doing it would have created various lawsuits.
As I'm sure you're aware, you can sue for just about anything, and the owner of an iconic building such as the theater, including the tradition of the hand prints in the cement, well, I can think you can see why Disney would want to cover their bases on this one.
As you all may know the theater was bought by Mann's Theaters more recently, and when the agreement came up for renewal, Mann's brought it to the attention of Disney that they wished that it not be photographed, because they were being confused in photos as to which the real version is. And finally, a very odd twist... the Chinese Theater changes the foundation of the building more then any other, because the cement tiles are in a courtyard. As a result, the new pieces of "art" can be applied to the entire property as a whole, and Mann's WOULD have brought legal action against Disney on that basis if the hat had not been installed to block the replica from most photos. Not to mention that Disney didn't want to deal with a potential lawsuit that they knew they could win, over a building that directly competes with Disney's El Captain Theatre across the street.
It's the weirdest thing I've ever heard... wait, no, I take that back. The reason we have Pepsi in the El Captain is the weirdest story I've ever heard. lol