EXHIBIT 10.24
SECOND AMENDMENT TO
ON THE BORDER RESTAURANT
DEVELOPMENT AGREEMENT
This Second Amendment to On The Border Restaurant Development Agreement
(hereinafter, the "Amendment") is made and entered into as of May 30, 1999,
between XXXXXXX INTERNATIONAL, INC., a Delaware corporation (hereinafter
"Xxxxxxx"), NE RESTAURANT COMPANY, INC., a Delaware corporation (hereinafter
"Developer").
W I T N E S S E T H
WHEREAS, Xxxxxxx and Developer entered into a certain On The Border
Development Agreement as of June 23, 1997 (the "Development Agreement").
WHEREAS, Xxxxxxx and Developer wish to modify the development
schedule in Paragraph 3.2 of the Development Agreement.
NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt of which is hereby acknowledged,
Xxxxxxx and Developer hereby agree as follows:
1. The schedule contained in Paragraph 3.2 of the Development Agreement is
replaced with the following schedule:
------------------------------------ ---------------------------------------
By (Date) Cumulative Total Number
Of On The Border Restaurants
Which Developer Shall Have Open
And in Operation in the Territory
------------------------------------ ---------------------------------------
January 1, 1998 2
January 1, 1999 4
January 1, 2000 6
January 1, 2001 10
January 1, 2002 13
January 1, 2003 16
January 1, 2004 21
------------------------------------ ---------------------------------------
Developer agrees that, of the twenty-one (21) On The Border Restaurants it is
obligated to have open and in operation by January 1, 2004, fifteen (15) On
The Border Restaurants shall be open and in operation in the New England
Territory and six (6) On The Border Restaurants shall be open and in
operation in the Upstate New York Territory. Failure by Developer to adhere
to the development schedule set forth above shall constitute a material event
of default under this Agreement as provided IN SECTION 7.4 hereof.
2. Except as amended herein, all other terms of the Development Agreement
shall remain unchanged.
IN WITNESS HEREOF, the parties hereto have executed this Amendment
as of the day and year first above written.
XXXXXXX:
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[S E A L] Xxxxxxx International, Inc.
A Delaware corporation
ATTEST:
-------
/s/ Xxxxxxx X. Xxxxxxx
---------------------------- By: /s/ Xxxxx Xxxxx
By: Assistant Secretary --------------------------
Xxxxx Xxxxx
Its: Vice President
DEVELOPER:
----------
[S E A L] N. E. Restaurant Company, Inc.
a Delaware corporation
ATTEST:
-------
/s/ Xxxx Xxxxxxxx
---------------------------- By: /s/ Xxxx Xxxxxxxx
By: Assistant/Secretary ----------------------------
Its: Vice President
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