FRANCHISE AGREEMENT ADDENDUM NUMBER 2
AND AREA DEVELOPER AGREEMENT ADDENDUM NUMBER 2
This Agreement is made and entered into as of this 2 day of
September, 1997, by and between Pretzel Time, Inc., a Pennsylvania corporation
("Pretzel Time") and New England Concepts, Inc. a Texas corporation, ("Pretzel
Concepts").
W I T N E S S E T H:
WHEREAS, Pretzel Time, as franchisor, and Pretzel Concepts, as
franchisee, entered into a Franchise Agreement on or about ____________________,
1997 (hereinafter the "Franchise Agreement"); and
WHEREAS, Pretzel Time and Pretzel Concepts, as area developer, entered
into an Area Developer Agreement on or about ____________________, 1997
(hereinafter the "Area Developer Agreement"); and
NOW THEREFORE, in consideration of $10.00 and other good and valuable
consideration the mutual receipt and sufficiency of which is hereby
acknowledged, and in consideration of the parties mutual covenants and
conditions contained herein, the parties hereby agreed as follows:
1. Section 8(a) of the Franchise Agreement is hereby deleted in
its entirety and replaced with the following provision:
Area Developer shall pay to Pretzel Time a
development fee of One Hundred Thirty-Five Thousand Dollars
and No Cents ($135,000.00) which shall be deemed fully earned
by Pretzel Time and shall be non-refundable. Additionally,
Area Developer shall pay an initial franchise fee of Five
Thousand Dollars ($5,000.00) plus $1,000.00 if yogurt is
included) for each franchise for a Pretzel Time Store to be
developed after the date hereof. All payments required under
this paragraph shall be payable upon execution of the
franchise agreement (or an addendum thereto) for each Pretzel
Time Unit; provided that the aggregate amount payable under
this Section 8(a) as of September 2, 1997 shall be paid in two
interest-free installments of Ten Thousand Dollars ($10,000)
each, on or before September 2, 1998 and September 2, 1999,
with the remaining unpaid balance thereof due and payable on
or before September 2, 2000.
This addendum is hereby agreed to as witnessed by the signatures below
nd shall be effective on the date first written above.
WITNESSES: PRETZEL TIME, INC.,
a Pennsylvania corporation
By:/s/Xxxxxx X. Xxxxxxxxx
Name:Xxxxxx X. Xxxxxxxxx
Title:President
WITNESSES: XXX. XXXXXX' ORIGINAL COOKIES, INC.
a dELAWARE corporation
By:/S/Xxxxxxx X. Xxxx
Name:Xxxxxxx X. Xxxx
Title:VP
