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.1 of Paragraph XI of the Franchise
Agreement is hereby replaced in full by the following new
subparagraph A.1 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 (12th) calendar day after
each fiscal month end. Also, no later than
such twelfth (12th) 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.
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:
Name: Xxxxxxx X. Way
Title: President
FRANCHISEE:
FAMILY STEAK HOUSES OF FLORIDA, INC.
a Florida corporation
By:
(Name: )
(Title: )
Attest:____________________________
(Name:
)
(Title: )
