EXHIBIT 10.2
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PURCHASE AGREEMENT
This agreement dated on this 22 day of May 1998 by and between Xxxxxxx Xxxxx
("Seller") and Twistee Treat Corp. ("Buyer").
WHEREAS Seller owns fifty percent (50%) interest in Twistee Treat Southeast,
Inc., and Buyer is desirous of acquiring Seller's interest as well as the
interest owned by Xxxxxx Xxxxxxx. Buyer previously paid Seller an option fee
toward this purchase.
WHEREAS Buyer has entered into a separate agreement with Xxxxxx Xxxxxxx to
acquire his fifty percent (50%) interest for the purpose of acquiring all of the
assets of Twistee Treat Southeast.
THEREFORE, Buyer agrees to purchase all of Seller's interest for a sum of
$150,000. Seller shall apply the option fee of $12,500 previously paid toward
the purchase price as a down payment upon the execution of this agreement. The
remaining balance of $137,500 shall be paid as follows:
PAYMENT NUMBER DUE DATE AMOUNT
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First payment due September 1998 $ 12,500
Second payment due October 1998 $ 6,250
Third payment due April 1999 $ 12,500
Fourth payment due June 1999 $ 12,500
Fifth payment due July 1999 $ 12,500
Sixth payment due August 1999 $ 12,500
Seventh payment due September 1999 $ 18,750
Eighth payment due October 1999 $ 18,750
Ninth payment due November 1999 $ 18,750
Tenth payment due December 1999 $ 12,500
The final payment shall include all unpaid accrued interest at nine percent
(9%).
Seller hereby acknowledges that Buyer is acquiring all rights, title and
interest to Twistee Treat assets previously acquired by Xxxxxxx Xxxxx and
subsequently assigned to Twistee Treat Southeast, Inc. and Buyer may enter into
Regional Developer and or Franchise Agreements within the territory evolving the
assets being purchased. If Buyer shall default upon the payments Seller may at
his sole option sell this Agreement in default and Seller shall then be the
beneficiary of any such agreements entered by Buyer.
Agreed to this 22 day of May 1998
Buyer: TWISTEE TREAT CORPORATION
Seller: XXXXXXX X. XXXXX
By: /s/
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Date: 22/5/98
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