JANUARY 2002 AMENDMENT TO FRANCHISE AGREEMENT
This January 2002 Amendment to Franchise Agreement ("Amendment") is
entered into this 30th day of January, 2002 by and between Ryan's Properties,
Inc., a Delaware Corporation, hereinafter referred to as "Ryan's", and Family
Steak Houses of Florida, Inc., a Florida Corporation, hereinafter referred to as
"FSH".
WITNESSETH:
WHEREAS, Ryan's and FSH are parties to that certain Franchise Agreement
dated the 16th day of September, 1987, as amended to date (the "Franchise
Agreement"); and
WHEREAS, Ryan's and FSH desire to amend Paragraphs XI and XXIII of the
Franchise Agreement, as set forth below.
WHEREAS, Ryan's is designated as "FRANCHISOR" and FSH is designated as
"FRANCHISEE" in the Franchise Agreement;
THEREFORE, for and in consideration of the mutual covenants contained
herein, Ryan's and FSH do hereby agree as follows:
1. Subparagraph A.I of Paragraph XI of the Franchise Agreement is
hereby replaced in full by the following new subparagraph A. I of Paragraph XI:
"FRANCHISEE shall submit to FRANCHISOR, on a form approved by
FRANCHISOR, a correct statement of gross receipts signed by an
appropriate officer of FRANCHISEE, no later than the twelfth
(12 calendar day after each fiscal month end. Also, no later
than such twelfth (1211) calendar day after each fiscal month
end, FRANCHISEE shall pay to FRANCHISOR the Continuing
Services and Royalty Fee payment based on the gross receipts
reported in the statement so submitted. Said payment shall be
deposited by FRANCHISEE into a bank account in Xxxxx County.
Florida convenient to FRANCHISEE designated by FRANCHISOR.
FRANCHISEE will make available for reasonable inspection at
reasonable times by FRANCHISOR, all original books and records
that FRANCHISOR may deem necessary to ascertain gross
receipts."
2. Paragraph XXIII of the Franchise Agreement is hereby replaced in
full by the following new Paragraph XXIII:
"NOTICES."
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A. Whenever notice is required by the provisions of
this Agreement to be given to the FRANCHISOR, such notice shall
be in writing addressed to the FRANCHISOR as follows:
Ryan's Properties, Inc.
000 Xxxxxxxx Xxx., Xxxxx 000
Xxxxxxxxxx, XX 00000
or at such other address as FRANCHISOR shall notify FRANCHISEE
in writing; and a copy of such notice given to:
Xxxxx X. Xxxxxxxxx, Xx.
Wyche, Burgess, Xxxxxxx & Xxxxxx, P.A.
00 Xxxx Xxxxxxxxxx Xxx (29601)
Post Xxxxxx Xxx 000
Xxxxxxxxxx, XX 00000
B. Whenever notice is required by the provisions of
this Agreement to be given to the FRANCHISEE, such notice shall
be in writing addressed to the FRANCHISEE as follows:
Family Steak Houses of Florida, Inc.
0000 Xxxxxxx Xxxx, Xxxxx X
Xxxxxxx Xxxxx, XX 00000
or at such other address as FRANCHISEE shall notify FRANCHISOR
in writing; and a copy of such notice given to:
Halcyon X. Xxxxxxx
XxXxxxx Xxxxx, LLP
Bank of America Tower
00 Xxxxx Xxxxx Xx., Xxxxx 0000
Xxxxxxxxxxxx, XX 00000
C. Any notice shall be deemed given on the date of
receipt if (1) personally given to an Officer of the recipient
or (2) sent by commercially recognized overnight delivery
service.
D. Unless earlier received, any notice shall be
deemed given five calendar days after being deposited in the
U.S. Mail, postage prepaid, if (1) sent by certified or
registered mail, return receipt requested, or (2) sent by first
class mail.
3. Except as amended by this Amendment, the Franchise Agreement
shall remain in full force and effect.
IN WITNESS WHEREOF, Ryan's and FSH have executed this January 2002
Amendment as of the date first set forth above.
FRANCHISOR:
RYAN'S PROPERTIES, INC.
a Delaware Corporation
By: /s/ Xxxxxxx X. Way
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Name: Xxxxxxx X. Way
Title: President
FRANCHISEE:
FAMILY STEAK HOUSES OF FLORIDA, INC.
a Florida corporation
By: /s/ Xx Xxxxxxxxx
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(Name: Xxxxxx Xxxxxxxxx)
(Title: Executive Vice President)
Attest: /s/ Xxxxx X. Xxxxx
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(Name: Xxxxx X. Xxxxx)
(Title: Receptionist)
