Settlement and Asset Purchase Agreement among Receiver, Checkers Drive-In Restaurants, Inc., and Wells Fargo Bank for Titan Holdings, LLC Assets
This agreement is between the court-appointed receiver for Titan Holdings, LLC, Checkers Drive-In Restaurants, Inc., and Wells Fargo Bank (as lender). It outlines the sale of Titan’s assets—including restaurants, cash, and real property—from the lender to Checkers for $5.3 million, subject to court approval. The agreement details the process for transferring assets free of most liens, the required court order, and mutual releases among the parties. The closing occurs after court approval, and all parties agree to cooperate to complete the transaction as specified.
Exhibit 10.1
 | 1717 Main Street, Suite 3700 Dallas, Texas 75201 214 ###-###-#### Phone 214 ###-###-#### Fax andrewskurth.com |
April 5, 2006
VIA ELECTRONIC MAIL
Paul Watson, Esq.
Sivyer Barlow & Watson, P.A.
100 South Ashley Drive
Suite 2150
Tampa, Florida 33602
| Re: | Titan Holdings, LLC |
Dear Paul:
On Friday, March 24, 2006, the United States District Court of the Southern District of New York (the “Court”), appointed William J. Hoffman of Trigild Incorporated as receiver (“Receiver”) to take possession, custody and control of the Assets (defined below) of Titan Holdings, LLC (“Titan”), including without limitation the sixty-two (62) restaurants identified on Exhibit “A” attached hereto (the “Restaurants”) and the “Collateral Revenues” (defined below), herein called the “Receivership”.
The following outlines the terms of a settlement agreement (the “Agreement”) among the Receiver, Checkers Drive-In Restaurants, Inc., as franchisor and lessor (“Checkers”), and Wells Fargo Bank, National Association, as special servicer for LaSalle Bank National Association, as Indenture Trustee for the Holders of the MSDWMC Owner Trust 2000 F-1 Notes, Participating Interests and Owner Trust Certificates, as lender (“Lender”), relating to certain loan obligations owed by Titan to Lender and secured by the Assets, the Collateral Revenues, and the Real Property (defined below), and the Receiver’s operation of the Restaurants as “Checkers”:
| 1. | Definitions. For purposes of this Agreement, the term “Assets” means Fixed Assets, Inventory, Cash, Insurance Proceeds, and the Real Property. Fixed Assets means all modular units, machinery, equipment, furniture, fixtures, tools, signs, and other items of tangible personal property included in or located at the Restaurants or otherwise subject to Lender’s security interest. Inventory means |
CONFIDENTIAL – FOR SETTLEMENT PURPOSES ONLY
Austin Dallas Houston London Los Angeles New York The Woodlands Washington, DC
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| all food products, paper products, operational materials, uniforms, disposable items, and other consumable materials and supplies located at the Restaurants or otherwise subject to Lender’s security interest. Cash means all cash at the Restaurants and utility deposits and prepaid insurance premiums and rent. Insurance Proceeds means any proceeds or claims to insurance relating to damage to any Assets. Collateral Revenues shall have the meaning ascribed to such term in the Security Agreement and the Specified Asset Security Agreement between Lender and Titan, both effective March 30, 2000. Real Property shall mean Titan’s fee simple interest in the location at 1035 Lee Road, Orlando, FL 32810. |
| 2. | Disposition. |
| a. | Lender agrees to sell, transfer and convey the Assets to Checkers free and clear of all liens, claims and encumbrances (except for the Permitted Encumbrances defined in Lender’s loan documents), and Checkers agrees to purchase the Assets from Lender (“Sale Transaction”) on the Closing Date (as defined below) in consideration for Checkers’ payment to Lender on the Closing Date of the amount of $5,300,000.00 in cash or immediately available funds. The purchase and sale of the Assets (except for the Real Property) shall be conducted as a disposition of collateral under the applicable Uniform Commercial Code (collectively, the “UCC”) and approved in a judicial proceeding of the Court (subject to the notice and other requirements as contained in such codes), and such dispositions shall discharge the Lender’s security interests and other security interests and liens subordinate to the liens and security interests of Lender. The purchase and sale of the Real Property shall, at Lender’s discretion, either be (a) through the conveyance by the Receiver to Checkers by order of the Court with good title to the Real Property to be insured under a title insurance policy issued in favor of Checkers and reasonably acceptable to Checkers, or (b) after Lender or its designee acquires title to the Real Property in a judicial foreclosure proceeding (subject to the notice and other requirements required by applicable law) that forecloses mortgages, liens and other interests subordinate to the mortgage interest of the Lender. Lender shall comply with all applicable requirements of the UCC and other applicable laws in connection with the Sales Transaction. |
| b. | In the event that Lender determines in its discretion that it cannot consummate the sale, transfer and conveyance as provided in subparagraph (a), Lender shall notify Checkers of its decision in writing. Upon receipt of such notice, Lender agrees to sell, transfer and convey the Assets to Checkers and Checkers agrees to purchase the Assets from Lender (“Sales Transaction”) on the Closing Date (defined below) in consideration for Checkers’ payment to Lender on the Closing Date of the amount of $5,300,000.00 in cash or immediately available funds. The purchase of the Fixed Assets shall be after Lender or its designee acquires title to the Fixed Assets in a judicial foreclosure proceeding (subject to the |
CONFIDENTIAL – FOR SETTLEMENT PURPOSES ONLY
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| notice and other requirements required by applicable law) that forecloses mortgages, security interests, liens and all other interests (except for the Permitted Encumbrances defined in Lender’s loan documents). The purchase of the Cash and Insurance Proceeds shall be after Lender or its designee acquires such general intangibles by garnishment or attachment in a judicial proceeding (subject to the notice and other requirements required by applicable law). The purchase of the Real Property shall be after Lender or its designee acquires title to the Real Property in a judicial foreclosure proceeding (subject to the notice and other requirements required by applicable law) that forecloses mortgages, liens and all other interests (except for the Permitted Encumbrances defined in Lender’s loan documents). Lender shall comply with all applicable laws in connection with the Sales Transaction. Lender shall also assign to Checkers, without recourse, the promissory note and all security documents. |
| 3. | Cooperation; Order of the Court. Checkers, Lender and Receiver agree to use their commercially reasonable best efforts to obtain approval of an entry of an order of the Court, in form and substance satisfactory to Checkers, Lender and Receiver, approving the Sale Transaction pursuant to the terms of this Agreement (the “Order”), and agree to sign and acknowledge any filings as necessary to seek the expeditious approval of an entry of the Order. |
| 4. | Closing. The closing of the Sale Transaction shall occur on the business day (“Closing Date”) immediately following the entry of the Order or such other date as directed by the Order to allow for completion of the Sales Transaction in the manner set forth in this Agreement. |
| 5. | Closing Date Deliveries. On the Closing Date, Lender and Receiver agree to execute any conveyance documents reasonably required in connection with the Sale Transaction. Lender, Checkers and the Receiver agree to use good faith efforts to cooperate in the completion of such documents to effect the Sale Transaction on or prior to the Closing Date. Also on the Closing Date, Checkers and the Lender will execute mutual releases of one another, except with respect to the obligations under this Agreement, and a release of the Receiver with respect to the Assets sold as part of the Sale Transaction and the Receiver’s operation of the Assets through the Closing Date, in form and substance satisfactory to Checkers and Lender. In addition, on the Closing Date, Checkers and Lender will execute an agreement regarding Lender’s waiver of certain limitations on Checkers’ right to file and pursue enforcement action of certain claims against Titan and its principals which are subordinate to Lender (without waiving any other rights or remedies of Lender). |
| 6. | Collateral Revenues. During the Receivership, all Collateral Revenues shall be held in trust for Lender and shall be accounted for and used to fund the expenses of Receiver, payroll obligations, and ordinary course operational costs and expenses as approved by Lender. In no event shall Lender be responsible to fund |
CONFIDENTIAL – FOR SETTLEMENT PURPOSES ONLY
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| any shortfall or insufficiency of Collateral Revenues to satisfy unpaid payroll obligations and ordinary course operational costs and expenses. In no event shall Checkers be responsible to fund any shortfall or insufficiency of Collateral Revenues to satisfy unpaid payroll obligations and ordinary course operational costs and expenses, except for any shortfall or insufficiency incurred during Checkers’ operation of the Restaurants in accordance with paragraph 8 below. On and after the Closing Date, Checkers shall be responsible for all ordinary course operational costs, expenses and losses incurred as a result of Checkers’ operation of the Restaurants, and shall be entitled to all profits associated with the operations of the Restaurants. |
| 7. | Franchise/Occupancy Rights. Checkers hereby grants the Receiver a limited license to operate the Restaurants as “Checkers” and a limited license to occupy any leasehold sites where Restaurants are located (the “Leasehold Sites”) until the earlier to occur of (a) the Closing Date, (b) such date as the Receivership has been determined and/or adjudicated as finally terminated by the Court, (c) a breach by Receiver of his obligations related to operation of the Restaurants (set forth herein below) that is not remedied or corrected within seven (7) days of written notice thereof to Receiver and Lender, or (d) six (6) months following the date hereof. Receiver agrees to operate all of the Restaurants generally in accordance with the standards, policies and procedures as reasonably required by Checkers and to pay the franchise royalties and advertising contributions (collectively, “Franchise Fees”) set forth on Schedule 1 attached hereto for the operation of the Restaurants as “Checkers” restaurants. Receiver further agrees to pay an amount equal to the pro-rated rent due for the Leasehold Sites on a pass-through basis (collectively, “Rent”) as set forth on Schedule 2 attached hereto. The Franchise Fees shall be paid bi-weekly on the 15th of each month for the bi-weekly period ending the immediately proceeding month and at the end of the month for the bi-weekly period ending on the 15th of such month, pro-rated for any such period, if applicable. Accordingly, the first payment for Franchise Fees shall be payable on April 15th for the bi-weekly period from March 25th, 2006 through March 31, 2006. The second payment for Franchise Fees shall be payable on April 30, 2006 for the bi-weekly period from April 1, 2006 through April 14, 2006. The Rent shall be paid in arrears beginning on April 25, 2006 for the period commencing March 25th, 2006 and ending April 30, 2006, and thereafter, monthly, on or before the 25th of each month for the entirety of such month. |
| 8. | Closing of Stores. Subject to this Section 8 below, Receiver agrees not to close the Restaurants without reasonable prior written notice to Checkers and Lender. In the event of any such notice, Checkers, Lender and Receiver agree to reasonably cooperate to transfer operations to Checkers in a manner that keeps the Restaurants open (subject to this Section 8 below). In the event of such a transfer prior to the Closing Date, Checkers shall pay the Receiver rent for use of the Assets equal to a 10% cap rate based on the Purchase Price, annualized and prorated for such time period. Checkers shall be solely responsible for all ordinary course operational costs, expenses and losses associated with its |
CONFIDENTIAL – FOR SETTLEMENT PURPOSES ONLY
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| operation of the Restaurants from the day it takes over operations forward, and shall be entitled to all profits associated with the operations of the Restaurants. Upon transfer to Checkers, the Receiver shall continue to have reasonable access to the Restaurants to carry out his responsibilities to the Court and to Lender as part of the Receivership. Notwithstanding the foregoing, the inability of the Receiver to continue operations of any Restaurant and closure of any such Restaurant (whether temporary or otherwise) by reason of an act of god, casualty, destruction, employee resignations, labor strike, vendor/supplier refusals to deliver necessary inventory (not caused by the Receiver’s failure to pay for current deliveries made during the Receiver’s operation of the Restaurants), public health concerns or safety, and other occurrences beyond the control of Receiver, shall not be deemed a closure under this Section 8 triggering a transfer of the Restaurants to Checkers, and Receiver agrees to give prompt written notice to Checkers and Lender of same. |
| 9. | Current Rights and Proceedings Not Affected. Nothing herein shall alter or affect in any way Checkers’ or Lender’s rights or remedies in connection with any pending legal action against Titan and or its principals. Further, notwithstanding anything contained in this Agreement to the contrary, Lender and Checkers agree that Lender will consent to Checkers’ intervention in the Receivership action and Checkers will withdraw its motion filed with the Court to transfer venue. |
| 10. | Hattiesburg. MS Location. The parties agree to cooperate in the handling of issues associated with the Hattiesburg, MS location in a manner that is reasonable and cost-effective to all parties. |
| 11. | Vendor/Supplier Relations. Checkers agrees to reasonably cooperate with the Receiver to resolve any vendor and/or supplier concerns or issues with respect to the ongoing operations of the Restaurants and the related delivery of Inventory, but shall not have any obligation to guarantee payment of any obligations owed by Receiver. |
| 12. | Legal Costs and Expenses. Each party hereto shall bear its own attorneys’ fees, costs and expenses. |
If the foregoing is acceptable, please coordinate Checkers’ signature below to evidence its consent to the foregoing settlement terms and I will coordinate obtaining Lender’s and Receiver’s counter signature to evidence their respective consent to the foregoing.
| Very truly yours, |
 |
| Brigitle Gawenda Kimichik |
CONFIDENTIAL – FOR SETTLEMENT PURPOSES ONLY
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Agreed to and Accepted this 5th day of April, 2006:
| CHECKERS DRIVE-IN RESTAURANTS, INC. | ||
| By: | /s/ S. Patric Plumley | |
| Name: | S. Patric Plumley | |
| Title: | Sr. VP, CFO | |
Agreed to and Accepted this 5th day of April, 2006:
| WELLS FARGO BANK, NATIONAL ASSOCIATION, | ||
| as Special Servicer for the Indenture Trustee for the Holders of the MSDWMC Owner Trust 2000 F-l Notes, Participating Interests and Owner Trust Certificates | ||
| By: | /s/ James Kendrick Noble | |
| Name: | James Kendrick Noble III | |
| Title: | Managing Director | |
Agreed to and Accepted this 5th day of April, 2006:
| /s/ William Hoffman | ||||
| WILLIAM J. HOFFMAN, RECEIVER | ||||
| Exhibit “A” - | List of 62 Restaurants | |
| Schedule 1 - | Franchise Royalties and Advertising Contributions | |
| Schedule 2 - | Rent for Leaseholds |
CONFIDENTIAL – FOR SETTLEMENT PURPOSES ONLY
EXHIBIT A
MSDWMC 2000 TRUST PROPERTY
Loan Amount: $7,800,000.00
| Unit # | Property Address | County | Leasehold = L Fee = F | |||
| 148 | 6371 W. Colonial Drive, Orlando, FL 32818 | Orange | SGL | |||
| 149 | 7604 E. Colonial Drive, Orlando, FL 32807 | Orange | L | |||
| 401 | 13495 W. Colonial Drive, Winter Garden, FL 34787 | Orange | SGL | |||
| 446 | 3520 S.W. Archer Road, Gainesville, FL 32608 | Alachua | SGL | |||
| 461 | 5497 S.E. Abshier Boulevard, a/k/a 5497 US Hwy. 441, Belleview, FL 34420 | Marion | SGL | |||
| 502 | 2750 W. Colonial Drive, Orlando, FL 32804 | Orange | SGL | |||
| 522 | 355 E. Main Street, Apopka, FL 32703 | Orange | SGL | |||
| 564 | 2490 S. Woodlawn Boulevard, DeLand, FL 32720 | Volusia | SGL | |||
| 586 | 2508 Citrus Boulevard, Leesburg, FL 34748 | Lake | SGL | |||
| 722 | 5503-A S. Semoran Boulevard, Orlando, FL 32822 | Orange | SGL | |||
| 102 | 6400 Airport Boulevard, Mobile, AL 36608 | Mobile | SGL | |||
| 104 | 2300 Saint Stephens Road, Mobile, AL 36617 | Mobile | L | |||
| 112 | 8 North Broad Street, Mobile, AL 36602 | Mobile | L | |||
| 113 | 409 Highway 43 South, Saraland, AL 36571 | Mobile | SGL | |||
| 430 | 312 Schillinger Road North, a/k/a 450 Schillinger Road North, Mobile, AL 36608 | Mobile | SSGL | |||
| 527 | 5300 N. Davis Highway, Pensacola, FL 32503 | Escambia | SGL | |||
| 661 | 29160 Highway 98, Daphne, AL 36526 | Baldwin | SGL | |||
| 1003 | 2806 Hardy Street, Hattiesburg, MS 39401 | Forrest | SGL | |||
| 1005 | 3413 Denny Avenue, Pascagoula, MS 39581 | Jackson | L | |||
| 1109 | 2431 25th Avenue, Gulfport, MS 39501 | Harrison | SGL | |||
| 176 | 2529 Okeechobee Boulevard, Palm Beach, FL 33409 | Palm Beach | SGL | |||
| 236 | 3483 US Highway 1, Stuart, FL 34494 | Martin | SGL | |||
| 350 | 500 N.E. 51st Street, Palm Beach, FL 33431 | Palm Beach | SGL | |||
| 587 | 7850 Roseland Road, Roseland, FL 32957 | Indian River | SGL | |||
| 632 | 755 W. Boynton Beach Boulevard, Boynton Beach, FL 33426 | Palm Beach | SGL | |||
| 1129 | 1318 Royal Palm Beach Boulevard, Royal Palm Beach, FL 33411 | Palm Beach | SGL | |||
| 230 | 1239 E. Silver Springs Boulevard, Ocala, FL 34470 | Marion | SGL | |||
| 314 | 1501 S. French Avenue, Sanford, FL 32771 | Seminole | SGL | |||
| 337 | 431 W. State Road 436, Altamonte Springs, FL 32714 | Seminole | SGL | |||
| 437 | 1035 Lee Road, Orlando, FL 32810 | Orange | F | |||
| 438 | 1000 Willa Springs Drive, Winter Springs, FL 32708 | Seminole | SGL | |||
| 447 | 912 W. University Avenue, Gainesville, FL 32601 | Alachua | L | |||
| 468 | 133 S. Woodland Boulevard, DeLand, FL 32720 | Volusia | SGL | |||
| 469 | 11818 E. Colonial Drive, Orlando, FL 32826 | Orange | SGL | |||
| 470 | 480 E. Burleigh Boulevard, Tavares, FL 32778 | Lake | SGL | |||
| 496 | 2701 S. W. College Road, Ocala, FL 34474 | Marion | SGL | |||
| 521 | 11193 N. Williams Street, Dunnellon, FL 34432 | Marion | SGL | |||
| 101 | 2213 Airport Boulevard, Mobile, AL 36606 | Mobile | L | |||
| 103 | 1965 Dauphin Island Parkway, Mobile, AL 36605 | Mobile | SGL | |||
| 124 | 5415-A Highway 90 West, a/k/a 6491-B Highway 90 West, Mobile, AL 36619 | Mobile | SGL | |||
| 194 | 3206 Dauphin Street, Mobile, AL 36606 | Mobile | SGL | |||
| 275 | 3200 N. Pace Boulevard, Pensacola, FL 32505 | Escambia | SGL | |||
| 471 | 4200 Barrancus Avenue, Pensacola, FL 32507 | Escambia | SGL |
EXHIBIT A – Page 1
| Unit # | Property Address | County | Leasehold = L Fee = F Subground Lease = SGL Subsubground Lease = SSGL | |||
| 530 | 2323 Hillcrest Road, Mobile, AL 36695 | Mobile | SGL | |||
| 662 | 2150 S. McKenzie Street, Foley, AL 36535 | Baldwin | SGL | |||
| 1004 | 3154 Bienville Boulevard, Ocean Springs, MS 39564 | Jackson | L | |||
| 187 | 2270 S. Military Trail, Palm Beach, FL 33415 | Palm Beach | L | |||
| 205 | 10461 S. Federal Highway, Port St. Lucie, FL 34952 | St. Lucie | SGL | |||
| 231 | 7050 S. Military Trail, Lake Worth, FL 33463 | Palm Beach | SGL | |||
| 316 | 524 S. Dixie Highway, Lake Worth, FL 33460 | Palm Beach | SGL | |||
| 497 | 450 W. Atlantic Avenue, Delray Beach, FL 33444 | Palm Beach | SGL | |||
| 1130 | 12790 Forest Hills Boulevard, West Palm Beach, FL 33414 | Palm Beach | SGL |
EXHIBIT A – Page 2
EXHIBIT A - CONTINUED
MSDWMC 2000 TRUST PROPERTY
Specified Assets
| Unit # | Property Address | County | Leasehold = L Fee = F Subground Lease = SGL Subsubground Lease = SSGL | |||
| 164 | 1495 U.S. Highway 1, Vero Beach, FL 32960 | Indian River | SGL | |||
| 185 | 2495 S. Orange Avenue, Orlando, FL 32806 | Orange | SGL | |||
| 208 | 202 E. State Road 436, Casselberry, FL 32707 | Seminole | SGL | |||
| 209 | 1070 W. State Road 434, Longwood, FL 32750 | Seminole | SGL | |||
| 313 | 6239 Lake Worth Road, Lake Worth, FL 33463 | Palm Beach | SGL | |||
| 327 | 3568 Northlake Boulevard, Lake Park, FL 33403 | Palm Beach | SGL | |||
| 345 | 8585 S.W. Highway 200, Ocala, FL 34481 | Marion | SGL | |||
| 464 | 2050 S. U.S. 1, Fort Pierce, FL 34950 | St. Lucie | SGL | |||
| 806 | 4345 W. Lake Mary Boulevard, Lake Mary, FL 32746 | Seminole | SGL | |||
| 1001 | 1123 E. Pass Road, Gulfport, MS 39507 | Harrison | L |
EXHIBIT A - CONTINUED – Page 1
Schedule 1
| Royalty - | 4% of Gross Sales | |
| Advertising - | Minimum of 5% of Gross Sales made up of the following: | |
| 1. .375% of Gross Sales plus $2,000 annually per location for Motorsports, | ||
| 2. any required Coop payments, and | ||
| 3. additional local advertising, if necessary, to get to 5% minimum. | ||
| Coop Obligations | ||
| Orlando Market: | 4% of Gross Sales | |
| Gainesville Market: | $24,000 annually per location | |
| WPB Market: | $24,375 annually per location | |
| Mobile/Pensacola Market: | $31,533 annually per location | |
| Biloxi Market: | $22,500 annually per location | |
Gross Sales means the aggregate amount of all sales of food, beverages and other products sold and services rendered at the premises or otherwise rendered in connection with the restaurant, including monies derived from sales at or away from the restaurant, whether for cash or credit, but excluding: (1) all federal, state or municipal sales or service taxes collected from customers and paid to the appropriate taxing authority; and (2) all customer refunds and adjustments and promotional discounts.
Schedule 1 - Page 1
SCHEDULE 2
TITAN HOLDINGS, LLC
| Store No. | Store Address | Property Status | Term Start Date | Term End Date | Expense Category | Term | Term Status | Monthly Rent Amount | ||||||||
| 8074C | 1495 US Highway 1 Vero Beach, FL 32960 | Fran Act Passth | 2/1/2006 | 1/31/2011 | Base Rent | 60 | Active | 5,069.68 | ||||||||
| 2/1/2006 | 1/31/2011 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 2/1/2006 | 1/31/2011 | Sales Taxes | 60 | Active | 354.87 | |||||||||||
| 2/1/2011 | 1/31/2016 | Base Rent | 60 | Pending | 5,830.02 | |||||||||||
| 2/1/2016 | 1/31/2021 | Base Rent | 60 | Pending | 6,704.52 | |||||||||||
| 8075C | 2529 Okeechobee Blvd West Palm Beach, FL 33409 | Fran Act Passth | 5/23/2001 | 5/22/2006 | Base Rent | 60 | Active | 5,510.42 | ||||||||
| 5/23/2001 | 5/22/2006 | CAM | 60 | Active | 55.69 | |||||||||||
| 5/23/2001 | 5/22/2006 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 5/23/2001 | 5/22/2006 | Sales Taxes | 60 | Active | 333.97 | |||||||||||
| 5/23/2006 | 5/22/2011 | Base Rent | 60 | Renewed | 6,336.98 | |||||||||||
| 5/23/2011 | 5/22/2016 | Base Rent | 60 | Pending | 7,287.53 | |||||||||||
| 5/23/2016 | 5/22/2021 | Base Rent | 60 | Pending | 8,380.66 | |||||||||||
| 8076C | 2270 South Military Trail West Palm Beach, FL 33406 | Franchise Activ | 3/30/2000 | 3/29/2020 | Base Rent | 240 | Active | 4,000.00 | ||||||||
| 3/30/2000 | 3/29/2020 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 3/30/2000 | 3/29/2020 | Sales Taxes | 240 | Active | 260.00 | |||||||||||
| 8077C | 10461 South Federal Hwy Port St. Lucie, FL 34952 | Fran Act Passth | 1/1/2002 | 12/31/2006 | Base Rent | 60 | Active | 4,954.88 | ||||||||
| 1/1/2002 | 12/31/2006 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 1/1/2002 | 12/31/2006 | Sales Taxes | 60 | Active | 322.07 | |||||||||||
| 1/1/2007 | 12/31/2011 | Base Rent | 60 | Pending | 5,549.47 | |||||||||||
| 1/1/2012 | 12/31/2016 | Base Rent | 60 | Pending | 6,215.40 | |||||||||||
| 1/1/2017 | 12/31/2021 | Base Rent | 60 | Pending | 6,961.25 | |||||||||||
| 8078C | 7050 South Military Trail Lake Worth, FL 33463 | Fran Act Passth | 12/23/2001 | 12/22/2006 | Base Rent | 60 | Active | 4,375.00 | ||||||||
| 12/23/2001 | 12/22/2006 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 12/23/2001 | 12/22/2006 | Sales Taxes | 60 | Active | 284.38 | |||||||||||
| 12/23/2006 | 12/22/2011 | Base Rent | 60 | Pending | 4,500.00 | |||||||||||
| 12/23/2011 | 12/22/2016 | Base Rent | 60 | Pending | 5,000.00 | |||||||||||
| 12/23/2016 | 12/22/2021 | Base Rent | 60 | Pending | 5,000.00 | |||||||||||
| 8079C | 3483 US Hwy 1 Stuart, FL 34995 | Fran Act Passth | 3/1/1992 | 2/29/2012 | Base Rent | 240 | Active | 5,510.42 | ||||||||
| 3/1/1992 | 2/29/2012 | R/E Tax | 240 | Active | 0.00 |
Schedule 2 Page 1
| Store No. | Store Address | Property Status | Term Start Date | Term End Date | Expense Category | Term | Term Status | Monthly Rent Amount | ||||||||
| 3/1/1992 | 2/29/2012 | Sales Taxes | 240 | Active | 330.63 | |||||||||||
| 3/1/2012 | 2/28/2017 | Base Rent | 60 | Pending | 6,336.98 | |||||||||||
| 3/1/2012 | 2/28/2017 | Sales Taxes | 60 | Pending | 380.22 | |||||||||||
| 8080C | 6239 Lake Worth Road Lake Worth, FL 33463 | Fran Act Passth | 8/1/2003 | 7/31/2008 | Base Rent | 60 | Active | 2,646.72 | ||||||||
| 8/1/2003 | 7/31/2008 | Sales Taxes | 60 | Active | 172.04 | |||||||||||
| 8/1/2008 | 7/31/2013 | Base Rent | 60 | Pending | 3,041.75 | |||||||||||
| 8/1/2013 | 7/31/2018 | Base Rent | 60 | Pending | 3,498.01 | |||||||||||
| 8/1/2018 | 7/31/2023 | Base Rent | 60 | Pending | 4,022.71 | |||||||||||
| 8081C | 525 South Dixie Hwy Lake Worth, FL 33460 | Fran Act Passth | 12/8/1994 | 12/7/2014 | Base Rent | 240 | Active | 3,314.13 | ||||||||
| 12/8/1994 | 12/7/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 12/8/1994 | 12/7/2014 | Sales Taxes | 240 | Active | 215.42 | |||||||||||
| 12/8/2014 | 12/7/2019 | Base Rent | 60 | Pending | 4,157.24 | |||||||||||
| 12/8/2019 | 12/7/2024 | Base Rent | 60 | Pending | 4,656.11 | |||||||||||
| 8082C | 3568 Northlake Blvd Lake Park, FL 33403 | Fran Act Passth | 1/1/1993 | 12/31/2012 | Base Rent | 240 | Active | 4,555.70 | ||||||||
| 1/1/1993 | 12/31/2012 | Parking | 240 | Active | 1,000.00 | |||||||||||
| 1/1/1993 | 12/31/2012 | R/E Tax | 240 | Active | 563.49 | |||||||||||
| 1/1/1993 | 12/31/2012 | Sales Taxes | 240 | Active | 397.75 | |||||||||||
| 1/1/2013 | 12/31/2017 | Base Rent | 60 | Pending | 7,294.99 thru 8,534.11 | |||||||||||
| 1/1/2018 | 12/31/2022 | Base Rent | 60 | Pending | 8,875.47 thru 10,383.05 | |||||||||||
| 8083C | 500 NE 51st Street Boca Raton, FL 33431 | Fran Act Passth | 3/31/1994 | 3/30/2014 | Base Rent | 240 | Active | 5,104.76 | ||||||||
| 3/31/1994 | 3/30/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 3/31/1994 | 3/30/2014 | Sales Taxes | 240 | Active | 331.81 | |||||||||||
| 3/31/2014 | 3/30/2019 | Base Rent | 60 | Pending | 6,403.41 | |||||||||||
| 3/31/2019 | 3/30/2024 | Base Rent | 60 | Pending | 7,171.82 | |||||||||||
| 8084C | 2050 South US Hwy 1 Fort Pierce, FL 34950 | Fran Act Passth | 5/1/2003 | 4/30/2008 | Base Rent | 60 | Active | 3,449.00 | ||||||||
| 5/1/2003 | 4/30/2008 | Parking | 60 | Active | 200.00 | |||||||||||
| 5/1/2003 | 4/30/2008 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 5/1/2003 | 4/30/2008 | Sales Taxes | 60 | Active | 237.22 | |||||||||||
| 5/1/2008 | 4/30/2013 | Base Rent | 60 | Pending | 3,863.55 | |||||||||||
| 5/1/2013 | 4/30/2018 | Base Rent | 60 | Pending | 4,327.18 | |||||||||||
| 5/1/2013 | 4/30/2018 | Parking | 60 | Pending | 200.00 | |||||||||||
| 5/1/2018 | 4/30/2023 | Base Rent | 60 | Pending | 4,846.44 | |||||||||||
| 5/1/2018 | 4/30/2023 | Parking | 60 | Pending | 200.00 |
Schedule 2 Page 2
| Store | Store Address | Property Status | Term Start Date | Term End Date | Expense Category | Term | Term Status | Monthly Rent Amount | ||||||||
| 8085C | 450 West Atlantic Avenue Delray Bch, FL 33444 | Fran Act Passth | 3/31/1994 | 3/30/2014 | Base Rent | 240 | Active | 1,970.72 | ||||||||
| 3/31/1994 | 3/30/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 3/31/1994 | 3/30/2014 | Sales Taxes | 240 | Active | 128.10 | |||||||||||
| 3/31/2014 | 3/30/2019 | Base Rent | 60 | Pending | 2,472.07 | |||||||||||
| 3/31/2019 | 3/30/2024 | Base Rent | 60 | Pending | 2,768.72 | |||||||||||
| 8086C | 7850 Roseland Road Sebastian, FL 32958 | Fran Act Passth | 2/24/1994 | 2/28/2009 | Base Rent | 181 | Active | 2,424.58 | ||||||||
| 2/24/1994 | 2/28/2009 | R/E Tax | 181 | Active | 0.00 | |||||||||||
| 2/24/1994 | 2/28/2009 | Sales Taxes | 181 | Active | 169.72 | |||||||||||
| 3/1/2009 | 2/28/2014 | Base Rent | 60 | Pending | 2,788.27 | |||||||||||
| 3/1/2014 | 2/28/2019 | Base Rent | 60 | Pending | 3,206.51 | |||||||||||
| 3/1/2019 | 2/29/2024 | Base Rent | 60 | Pending | 3,687.49 | |||||||||||
| 8087C | 755 West Boynton Beach Blvd Boynton Beach, FL 33426 | Fran Act Passth | 3/31/1994 | 3/30/2014 | Base Rent | 240 | Active | 5,106.97 | ||||||||
| 3/31/1994 | 3/30/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 3/31/1994 | 3/30/2014 | Sales Taxes | 240 | Active | 331.95 | |||||||||||
| 3/31/2014 | 3/30/2019 | Base Rent | 60 | Pending | 6,406.18 | |||||||||||
| 3/31/2019 | 3/30/2024 | Base Rent | 60 | Pending | 7,174.92 | |||||||||||
| 8088C | 1318 Royal Palm Beach Blvd. Royal Palm Beach, FL 33411 | Fran Act Passth | 11/1/2002 | 10/31/2007 | Base Rent | 60 | Active | 4,234.67 | ||||||||
| 11/1/2002 | 10/31/2007 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 11/1/2002 | 10/31/2007 | Sales Taxes | 60 | Active | 275.25 | |||||||||||
| 11/1/2007 | 10/31/2012 | Base Rent | 60 | Pending | 4,742.92 thru 5,312.08 | |||||||||||
| 11/1/2012 | 10/31/2017 | Base Rent | 60 | Pending | 5,312.08 thru 6,663.42 | |||||||||||
| 11/1/2017 | 10/31/2022 | Base Rent | 60 | Pending | 6,663.42 thru 7,463.08 | |||||||||||
| 8089C | 12790 Forest Hills Blvd West Palm Beach, FL 33414 | Fran Act Passth | 3/31/2002 | 3/30/2007 | Base Rent | 60 | Active | 3,136.00 | ||||||||
| 3/31/2002 | 3/30/2007 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 3/31/2002 | 3/30/2007 | Sales Taxes | 60 | Active | 203.84 | |||||||||||
| 3/31/2007 | 3/30/2012 | Base Rent | 60 | Pending | 3,512.00 | |||||||||||
| 3/31/2012 | 3/30/2017 | Base Rent | 60 | Pending | 3,933.00 | |||||||||||
| 3/31/2017 | 3/30/2022 | Base Rent | 60 | Pending | 4,405.00 | |||||||||||
| 8090C | 2213 Airport Blvd Mobile, AL 36606 | Franchise Activ | 3/30/2000 | 3/29/2020 | Base Rent | 240 | Active | -2,566.67 |
Schedule 2 Page 3
| Store | Store Address | Property Status | Term Start Date | Term End Date | Expense Category | Term | Term Status | Monthly Rent Amount | ||||||||
| OWNED | 3/30/2000 | 3/29/2020 | R/E Tax | 240 | Active | 0.00 | ||||||||||
| 8091C | 6400 Airport Blvd Mobile, AL 36608 | Fran Act Passth | 4/1/2001 | 3/31/2006 | Base Rent | 60 | Active | 3,802.19 | ||||||||
| 4/1/2001 | 3/31/2006 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 4/1/2006 | 3/31/2011 | Base Rent | 60 | Renewed | 4,372.52 | |||||||||||
| 4/1/2011 | 3/31/2016 | Base Rent | 60 | Pending | 5,028.40 | |||||||||||
| 8092C | 1965 Dauphin Island Pkwy Mobile, AL 36605 | Fran Act Passth | 8/15/2001 | 8/14/2006 | Base Rent | 60 | Active | 2,781.40 | ||||||||
| 8/15/2001 | 8/14/2006 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 8/15/2006 | 8/14/2011 | Base Rent | 60 | Pending | 3,198.61 | |||||||||||
| 8/15/2011 | 8/14/2016 | Base Rent | 60 | Pending | 3,678.40 | |||||||||||
| 8093C | 2300 Saint Stephens Mobile, AL 36610 | Franchise Activ | 3/30/2000 | 3/29/2020 | Base Rent | 240 | Active | -2,275.00 | ||||||||
| OWNED | 3/30/2000 | 3/29/2020 | R/E Tax | 240 | Active | 0.00 | ||||||||||
| 8094C | 8 North Broad Street Mobile, AL 36602 | Franchise Activ | 3/30/2000 | 3/29/2020 | Base Rent | 240 | Active | -3,516.67 | ||||||||
| OWNED | 3/30/2000 | 3/29/2020 | R/E Tax | 240 | Active | 0.00 | ||||||||||
| 8095C | 409 Highway 43 North Saraland, AL 36571 | Fran Act Passth | 1/1/2004 | 12/31/2008 | Base Rent | 60 | Active | 2,985.68 | ||||||||
| 8096C | 5415-A Hwy 90 West Mobile, AL 36619 | Fran Act Passth | 7/1/2004 | 6/30/2009 | Base Rent | 60 | Active | 2,889.66 | ||||||||
| 7/1/2009 | 6/30/2015 | Base Rent | 72 | Pending | 3,323.11 | |||||||||||
| 8097C | 3206 Dauphin Street Mobile, AL 36606 | Fran Act Passth | 2/13/2004 | 2/12/2009 | Base Rent | 60 | Active | 2,924.00 | ||||||||
| 2/13/2009 | 2/12/2014 | Base Rent | 60 | Pending | 3,187.00 thru 3,474.00 | |||||||||||
| 2/13/2014 | 2/12/2019 | Base Rent | 60 | Pending | 3,761.00 | |||||||||||
| 8098C | 3200 North Pace Blvd. Pensacola, FL 32505 | Fran Act Passth | 7/1/2002 | 6/30/2007 | Base Rent | 60 | Active | 2,500.00 | ||||||||
| 7/1/2002 | 6/30/2007 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 7/1/2002 | 6/30/2007 | Sales Taxes | 60 | Active | 187.50 | |||||||||||
| 7/1/2007 | 6/30/2012 | Base Rent | 60 | Pending | 2,750.00 | |||||||||||
| 7/1/2012 | 6/30/2017 | Base Rent | 60 | Pending | 3,000.00 | |||||||||||
| 7/1/2017 | 6/30/2022 | Base Rent | 60 | Pending | 4,000.00 | |||||||||||
| 8099C | 312 Schillinger Road Ambassador Plaza Mobile, AL 36608 | Fran Act Passth | 8/21/1993 | 8/31/2008 | Base Rent | 181 | Active | 3,658.67 | ||||||||
| 8/21/1993 | 8/31/2008 | R/E Tax | 181 | Active | 0.00 | |||||||||||
| 9/1/2008 | 8/31/2013 | Base Rent | 60 | Pending | 4,097.75 | |||||||||||
| 9/1/2013 | 8/31/2018 | Base Rent | 60 | Pending | 4,589.50 | |||||||||||
| 9/1/2018 | 8/31/2023 | Base Rent | 60 | Pending | 5,140.25 | |||||||||||
| 8100C | 4200 Barrancus Avenue Pensacola, FL 32507 | Fran Act Passth | 3/31/1994 | 3/30/2014 | Base Rent | 240 | Active | 3,025.20 |
Schedule 2 Page 4
| Store | Store Address | Property Status | Term Start Date | Term End Date | Expense Category | Term | Term Status | Monthly Rent Amount | ||||||||
| 3/31/1994 | 3/30/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 3/31/1994 | 3/30/2014 | Sales Taxes | 240 | Active | 226.89 | |||||||||||
| 3/31/2014 | 3/30/2019 | Base Rent | 60 | Pending | 3,794.81 | |||||||||||
| 3/31/2019 | 3/30/2024 | Base Rent | 60 | Pending | 4,250.19 | |||||||||||
| 8101C | 5300 North Davis Hwy Pensacola, FL 32503 | Fran Act Passth | 3/31/1994 | 3/30/2014 | Base Rent | 240 | Active | 2,859.55 | ||||||||
| 3/31/1994 | 3/30/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 3/31/1994 | 3/30/2014 | Sales Taxes | 240 | Active | 214.47 | |||||||||||
| 3/31/2014 | 3/30/2019 | Base Rent | 60 | Pending | 3,587.01 | |||||||||||
| 3/31/2019 | 3/30/2024 | Base Rent | 60 | Pending | 4,017.46 | |||||||||||
| 8102C | 2323 Hillcrest Road Mobile, AL 36695 | Fran Act Passth | 8/1/2003 | 7/31/2008 | Base Rent | 60 | Active | 2,132.50 | ||||||||
| 8/1/2008 | 7/31/2013 | Base Rent | 60 | Pending | 2,388.42 | |||||||||||
| 8/1/2013 | 7/31/2018 | Base Rent | 60 | Pending | 2,675.00 | |||||||||||
| 8/1/2018 | 7/31/2023 | Base Rent | 60 | Pending | 2,996.00 | |||||||||||
| 8103C | 29160 Highway 98 Daphne, AL 36526 | Fran Act Passth | 2/1/2004 | 1/31/2009 | Base Rent | 60 | Active | 3,300.00 | ||||||||
| 2/1/2004 | 1/31/2009 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 2/1/2009 | 1/31/2014 | Base Rent | 60 | Pending | 3,630.00 | |||||||||||
| 2/1/2014 | 1/31/2019 | Base Rent | 60 | Pending | 3,993.00 | |||||||||||
| 2/1/2019 | 1/31/2024 | Base Rent | 60 | Pending | 4,392.25 | |||||||||||
| 8104C | 2150 South Mckenzie Foley, AL 36535 | Fran Act Passth | 3/31/1994 | 3/30/2014 | Base Rent | 240 | Active | 2,015.51 | ||||||||
| 3/31/1994 | 3/30/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 3/31/2014 | 3/30/2019 | Base Rent | 60 | Pending | 2,528.25 | |||||||||||
| 3/31/2019 | 3/30/2024 | Base Rent | 60 | Pending | 2,831.64 | |||||||||||
| 8105C | 1123 East Pass Road Gulfport, MS 39507 | Franchise Activ | 3/30/2000 | 3/29/2020 | Base Rent | 240 | Active | -3,066.67 | ||||||||
| OWNED | 3/30/2000 | 3/29/2020 | R/E Tax | 240 | Active | 0.00 | ||||||||||
| 8107C | 3154 Bienville Blvd Ocean Springs, MS 39564 | Franchise Activ | 3/30/2000 | 3/29/2020 | Base Rent | 240 | Active | -3,425.00 | ||||||||
| OWNED | 3/30/2000 | 3/29/2020 | R/E Tax | 240 | Active | 0.00 | ||||||||||
| 8108C | 3413 Denny Avenue Pascagoula, MS 39564 | Franchise Activ | 3/30/2000 | 3/29/2020 | Base Rent | 240 | Active | -2,900.00 | ||||||||
| OWNED | 3/30/2000 | 3/29/2020 | R/E Tax | 240 | Active | 0.00 | ||||||||||
| 8109C | 2431 25th Avenue Gulfport, MS 39507 | Fran Act Passth | 10/1/1998 | 9/30/2008 | Base Rent | 120 | Active | 3,450.00 | ||||||||
| 10/1/1998 | 9/30/2008 | Other | 120 | Active | 175.00 | |||||||||||
| 10/1/1998 | 9/30/2008 | R/E Tax | 120 | Active | 175.00 | |||||||||||
| 10/1/2008 | 9/30/2013 | Base Rent | 60 | Pending | 3,967.50 | |||||||||||
| 10/1/2013 | 9/30/2018 | Base Rent | 60 | Pending | 4,562.62 | |||||||||||
| 8110C | 6371 West Colonial Drive Orlando, FL 32818 | Fran Act Passth | 8/1/2005 | 7/31/2010 | Base Rent | 60 | Active | 3,837.16 | ||||||||
| 8/1/2005 | 7/31/2010 | CAM | 60 | Active | 45.00 |
Schedule 2 Page 5
| Store No. | Store Address | Property Status | Term Start Date | Term End Date | Expense Category | Term | Term Status | Monthly Rent Amount | ||||||||
| 8/1/2005 | 7/31/2010 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 8/1/2005 | 7/31/2010 | Sales Taxes | 60 | Active | 252.34 | |||||||||||
| 8/1/2010 | 7/31/2015 | Base Rent | 60 | Pending | 4,668.50 thru 5,461.48 | |||||||||||
| 8111C | 7604 East Colonial Drive Orlando, FL 32807 | Franchise Activ | 3/30/2000 | 3/29/2020 | Base Rent | 240 | Active | -4,110.67 | ||||||||
| OWNED | 3/30/2000 | 3/29/2020 | R/E Tax | 240 | Active | 0.00 | ||||||||||
| 3/30/2000 | 3/29/2020 | Sales Taxes | 240 | Active | 0.00 | |||||||||||
| 8112C | 2495 South Orange Avenue Orlando, FL 32806 | Fran Act Passth | 5/7/1991 | 5/6/2011 | Base Rent | 240 | Active | 7,351.99 | ||||||||
| 5/7/1991 | 5/6/2011 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 5/7/1991 | 5/6/2011 | Sales Taxes | 240 | Active | 0.00 | |||||||||||
| 5/7/1991 | 5/6/2011 | Sales Taxes | 240 | Active | 477.88 | |||||||||||
| 5/7/2011 | 5/6/2016 | Base Rent | 60 | Pending | 8,734.90 thru 10,377.93 | |||||||||||
| 5/7/2016 | 5/6/2021 | Base Rent | 60 | Pending | 10,377.93 thru 11,311.94 | |||||||||||
| 8113C | 202 East State Road 436 Casselberry, FL 32707 | Fran Act Passth | 11/1/2001 | 10/31/2006 | Base Rent | 60 | Active | 4,945.93 | ||||||||
| 11/1/2001 | 10/31/2006 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 11/1/2001 | 10/31/2006 | Sales Taxes | 60 | Active | 346.22 | |||||||||||
| 11/1/2006 | 10/31/2011 | Base Rent | 60 | Pending | 5,094.31 thru 5,733.69 | |||||||||||
| 11/1/2011 | 10/31/2016 | Base Rent | 60 | Pending | 6,593.74 | |||||||||||
| 8114C | 1070 West State Road 434 Longwood, FL 32750 | Fran Act Passth | 12/1/2001 | 11/30/2006 | Base Rent | 60 | Active | 3,392.21 | ||||||||
| 12/1/2001 | 11/30/2006 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 12/1/2001 | 11/30/2006 | Sales Taxes | 60 | Active | 237.45 | |||||||||||
| 12/1/2006 | 11/30/2011 | Base Rent | 60 | Pending | 3,901.04 | |||||||||||
| 12/1/2011 | 11/30/2016 | Base Rent | 60 | Pending | 4,486.20 | |||||||||||
| 12/1/2016 | 11/30/2021 | Base Rent | 60 | Pending | 5,159.13 | |||||||||||
| 8115C | 1239 East Silver Springs Blvd Ocala, FL 32670 | Fran Act Passth | 12/8/1994 | 12/7/2014 | Base Rent | 240 | Active | 2,953.35 | ||||||||
| 12/8/1994 | 12/7/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 12/8/1994 | 12/7/2014 | Sales Taxes | 240 | Active | 191,397.00 | |||||||||||
| 12/8/2014 | 12/7/2019 | Base Rent | 60 | Pending | 3,704.68 |
Schedule 2 Page 6
| Store No. | Store Address | Property Status | Term Start Date | Term End Date | Expense Category | Term | Term Status | Monthly Rent Amount | ||||||||
| 12/8/2019 | 12/7/2024 | Base Rent | 60 | Pending | 4,149.24 | |||||||||||
| 8116C | 1501 South French Avenue Sanford, FL 32771 | Fran Act Passth | 9/1/2002 | 8/31/2007 | Base Rent | 60 | Active | 3,333.33 | ||||||||
| 9/1/2002 | 8/31/2007 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 9/1/2002 | 8/31/2007 | Sales Taxes | 60 | Active | 233.33 | |||||||||||
| 9/1/2007 | 8/31/2012 | Base Rent | 60 | Pending | 3,666.66 | |||||||||||
| 9/1/2012 | 8/31/2017 | Base Rent | 60 | Pending | 4,000.00 | |||||||||||
| 8117C | 431 State Road 436 West Altamonte Springs, FL 32714 | Fran Act Passth | 11/1/2002 | 10/31/2007 | Base Rent | 60 | Active | 5,189.58 | ||||||||
| 11/1/2002 | 10/31/2007 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 11/1/2002 | 10/31/2007 | Sales Taxes | 60 | Active | 363.27 | |||||||||||
| 11/1/2007 | 10/31/2012 | Base Rent | 60 | Pending | 6,097.75 | |||||||||||
| 11/1/2012 | 10/31/2017 | Base Rent | 60 | Pending | 7,164.83 | |||||||||||
| 8118C | 8585 SW Highway 200 Steeplechase Plaza Ocala, FL 34481 | Fran Act Passth | 3/24/1993 | 3/31/2008 | Base Rent | 181 | Active | 2,875.00 | ||||||||
| 3/24/1993 | 3/31 /2008 | CAM | 181 | Active | 0.00 | |||||||||||
| 3/24/1993 | 3/31/2008 | Sales Taxes | 181 | Active | 186.88 | |||||||||||
| 4/1/2008 | 3/31/2013 | Base Rent | 60 | Pending | 3,306.25 | |||||||||||
| 4/1/2013 | 3/31/2018 | Base Rent | 60 | Pending | 3,802.19 | |||||||||||
| 4/1/2018 | 3/31/2023 | Base Rent | 60 | Pending | 4,372.52 | |||||||||||
| 4/1/2023 | 3/31/2028 | Base Rent | 60 | Pending | 5,028.39 | |||||||||||
| 8119C | 13495 West Colonial Drive Winter Garden, FL 34787 | Fran Act Passth | 8/19/1994 | 8/18/2014 | Base Rent | 240 | Active | 3,596.27 | ||||||||
| 8/19/1994 | 8/18/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 8/19/1994 | 8/18/2014 | Sales Taxes | 240 | Active | 233.76 | |||||||||||
| 8/19/2014 | 8/18/2019 | Base Rent | 60 | Pending | 4,511.16 | |||||||||||
| 8/19/2019 | 8/18/2024 | Base Rent | 60 | Pending | 5,052.50 | |||||||||||
| 8121C | 1000 Willa Springs Drive Winter Springs, FL 32708 | Fran Act Passth | 7/29/1994 | 7/28/2014 | Base Rent | 240 | Active | 4,325.65 | ||||||||
| 7/29/1994 | 7/28/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 7/29/1994 | 7/28/2014 | Sales Taxes | 240 | Active | 302.79 | |||||||||||
| 7/29/2014 | 7/28/2019 | Base Rent | 60 | Pending | 5,426.09 | |||||||||||
| 7/29/2019 | 7/28/2024 | Base Rent | 60 | Pending | 6,077.22 | |||||||||||
| 8122C | 3520 SW Archer Road Gainesville, FL 32608 | Fran Act Passth | 11/28/1989 | 11/30/2009 | Base Rent | 241 | Active | 12,510.95 | ||||||||
| 11/28/1989 | 11/30/2009 | CAM | 241 | Active | 492.37 | |||||||||||
| 11/28/1989 | 11/30/2009 | Other | 241 | Active | 0.00 |
Schedule 2 Page 7
| Store No. | Store Address | Property Status | Term Start Date | Term End Date | Expense Category | Term | Term Status | Monthly Rent Amount | ||||||||
| 11/28/1989 | 11/30/2009 | R/E Tax | 241 | Active | 0.00 | |||||||||||
| 11/28/1989 | 11/30/2009 | Sales Taxes | 241 | Active | 812.71 | |||||||||||
| 11/28/1989 | 11/30/2009 | Utilities | 241 | Active | 160.31 | |||||||||||
| 12/1/2009 | 11/30/2014 | Base Rent | 60 | Pending | 14,919.55 thru 17,791.84 | |||||||||||
| 12/1/2014 | 1/30/2019 | Base Rent | 60 | Pending | 18,592.48 thru 22,171.88 | |||||||||||
| 8123C | 912 West University Avenue Gainesville, FL 32601 | Franchise Activ | 3/30/2000 | 3/29/2020 | Base Rent | 240 | Active | -4,456.25 | ||||||||
| OWNED | 3/30/2000 | 3/29/2020 | R/E Tax | 240 | Active | 0.00 | ||||||||||
| 3/30/2000 | 3/29/2020 | Sales Taxes | 240 | Active | 0.00 | |||||||||||
| 8124C | 5497 US Hwy 441 Belleview, FL 34420 | Fran Act Passth | 4/1/2003 | 3/31/2008 | Base Rent | 60 | Active | 1,983.75 | ||||||||
| 4/1/2003 | 3/31/2008 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 4/1/2003 | 3/31/2008 | Sales Taxes | 60 | Active | 128.94 | |||||||||||
| 4/1/2008 | 3/31/2013 | Base Rent | 60 | Pending | 2,281.33 | |||||||||||
| 4/1/2013 | 3/31/2018 | Base Rent | 60 | Pending | 2,623.50 | |||||||||||
| 8125C | 133 S Woodland Blvd Deland, FL 32720 | Fran Act Passth | 10/1/2003 | 9/30/2008 | Base Rent | 60 | Active | 5,269.90 | ||||||||
| 10/1/2003 | 9/30/2008 | Sales Taxes | 60 | Active | 342.54 | |||||||||||
| 10/1/2008 | 9/30/2013 | Base Rent | 60 | Pending | 5,744.20 thru 6,261.17 | |||||||||||
| 10/1/2013 | 9/30/2018 | Base Rent | 60 | Pending | 6,261.17 thru 7,438.90 | |||||||||||
| 10/1/2018 | 9/30/2023 | Base Rent | 60 | Pending | 7,438.90 thru 8,108.40 | |||||||||||
| 10/1/2023 | 9/30/2028 | Base Rent | 60 | Pending | 8,838.16 thru 9,633.59 | |||||||||||
| 8126C | 11816 East Colonial Drive Orlando, FL 32826 | Fran Act Passth | 3/31/1994 | 3/30/2014 | Base Rent | 240 | Active | 4,324.25 | ||||||||
| 3/31/1994 | 3/30/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 3/31/1994 | 3/30/2014 | Sales Taxes | 240 | Active | 281.08 | |||||||||||
| 3/31/2014 | 3/30/2019 | Base Rent | 60 | Pending | 5,424.33 | |||||||||||
| 3/31/2019 | 3/30/2024 | Base Rent | 60 | Pending | 6,075.25 | |||||||||||
| 8127C | 480 East Burleigh Blvd Tavares, FL 32778 | Fran Act Passth | 9/1/2003 | 8/31/2008 | Base Rent | 60 | Active | 2,645.00 | ||||||||
| 9/1/2003 | 8/31/2008 | R/E Tax | 60 | Active | 688.00 | |||||||||||
| 9/1/2003 | 8/31/2008 | Sales Taxes | 60 | Active | 185.15 |
Schedule 2 Page 8
| Store No. | Store Address | Property Status | Term Start Date | Term End Date | Expense Category | Term | Term Status | Monthly Amount | ||||||||
| 9/1/2008 | 8/31/2013 | Base Rent | 60 | Pending | 3,041.75 | |||||||||||
| 9/1/2013 | 8/31/2018 | Base Rent | 60 | Pending | 3,498.00 | |||||||||||
| 9/1/2018 | 8/31/2023 | Base Rent | 60 | Pending | 4,022.66 | |||||||||||
| 8128C | 2701 SW College Road Ocata, FL 34478 | Fran Act Passth | 11/24/1993 | 1/31/2014 | Base Rent | 243 | Active | 3,537.67 | ||||||||
| 11/24/1993 | 1/31/2014 | CAM | 243 | Active | 198.38 | |||||||||||
| 11/24/1993 | 1/31/2014 | R/E Tax | 243 | Active | 96.67 | |||||||||||
| 11/24/1993 | 1/31/2014 | Sales Taxes | 243 | Active | 249.13 | |||||||||||
| 2/1/2014 | 1/31/2019 | Base Rent | 60 | Pending | 4,678.58 | |||||||||||
| 2/1/2019 | 1/31/2024 | Base Rent | 60 | Pending | 5,380.42 | |||||||||||
| 2/1/2024 | 1/31/2029 | Base Rent | 60 | Pending | 6,187.42 | |||||||||||
| 8129C | 2750 West Colonial Drive Orlando, FL 32804 | Fran Act Passth | 3/1/1995 | 2/28/2015 | Base Rent | 240 | Active | 6,595.99 | ||||||||
| 3/1/1995 | 2/28/2015 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 3/1/1995 | 2/28/2015 | Sales Taxes | 240 | Active | 428.74 | |||||||||||
| 3/1/2015 | 2/29/2020 | Base Rent | 60 | Pending | 8,274.01 | |||||||||||
| 3/1/2020 | 2/28/2025 | Base Rent | 60 | Pending | 9,266.89 | |||||||||||
| 8130C | 11193 North Williams Street Dunnellon, FL 34432 | Fran Act Passth | 6/29/1993 | 6/30/2008 | Base Rent | 181 | Active | 1,932.00 | ||||||||
| 6/29/1993 | 6/30/2008 | R/E Tax | 181 | Active | 0.00 | |||||||||||
| 6/29/1993 | 6/30/2008 | Sales Taxes | 181 | Active | 125.58 | |||||||||||
| 7/1/2008 | 6/30/2013 | Base Rent | 60 | Pending | 2,221.83 | |||||||||||
| 7/1/2013 | 6/30/2018 | Base Rent | 60 | Pending | 2,555.08 | |||||||||||
| 7/1/2018 | 6/30/2023 | Base Rent | 60 | Pending | 2,938.33 | |||||||||||
| 8131C | 355 East Main Street Apopka, FL 32703 | Fran Act Passth | 9/1/2003 | 8/31/2008 | Base Rent | 60 | Active | 2,613.33 | ||||||||
| 9/1/2003 | 8/31/2008 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 9/1/2003 | 8/31/2008 | Sales Taxes | 60 | Active | 169.87 | |||||||||||
| 9/1/2008 | 8/31/2013 | Base Rent | 60 | Pending | 2,926.92 | |||||||||||
| 9/1/2013 | 8/31/2018 | Base Rent | 60 | Pending | 3,278.17 | |||||||||||
| 9/1/2018 | 8/31/2023 | Base Rent | 60 | Pending | 3,671.58 | |||||||||||
| 8132C | 2490 South Woodlawn Blvd Deland, FL 32720 | Fran Act Passth | 7/1/2003 | 6/30/2008 | Base Rent | 60 | Active | 4,218.75 | ||||||||
| 7/1/2003 | 6/30/2008 | R/E Tax | 60 | Active | 0.00 | |||||||||||
| 7/1/2003 | 6/30/2008 | Sales Taxes | 60 | Active | 274.22 | |||||||||||
| 7/1/2008 | 6/30/2013 | Base Rent | 60 | Pending | 4,746.08 | |||||||||||
| 7/1/2013 | 6/30/2018 | Base Rent | 60 | Pending | 5,339.33 | |||||||||||
| 7/1/2018 | 6/30/2023 | Base Rent | 60 | Pending | 6,006.75 | |||||||||||
| 7/1/2023 | 6/30/2028 | Base Rent | 60 | Pending | 6,757.58 | |||||||||||
| 8133C | 2508 North Citrus Blvd Leesburg, FL 34748 | Fran Act Passth | 4/29/1994 | 4/28/2009 | Base Rent | 180 | Active | 4,230.43 | ||||||||
| 4/29/1994 | 4/28/2009 | CAM | 180 | Active | 0.00 | |||||||||||
| 4/29/1994 | 4/28/2009 | R/E Tax | 180 | Active | 0.00 |
Schedule 2 Page 9
| Store No. | Store Address | Property Status | Term Start Date | TermEnd Date | Expense Category | Term | Term Status | Monthly Rent Amount | ||||||||
| 4/29/1994 | 4/28/2009 | Sales Taxes | 180 | Active | 296.13 | |||||||||||
| 4/29/2009 | 4/28/2014 | Base Rent | 60 | Pending | 5,026.17 thru 5,478.53 | |||||||||||
| 4/29/2014 | 4/28/2019 | Base Rent | 60 | Pending | 5,478.53 thru 6,509.04 | |||||||||||
| 4/29/2019 | 4/28/2024 | Base Rent | 60 | Pending | 6,509.04 thru 7,094.85 | |||||||||||
| 8134C | 5503-A South Semoran Blvd Orlando, FL 32822 | Fran Act Passth | 3/31/1994 | 3/30/2014 | Base Rent | 240 | Active | 5,701.03 | ||||||||
| 3/31/1994 | 3/30/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 3/31/1994 | 3/30/2014 | Sales Taxes | 240 | Active | 370.57 | |||||||||||
| 3/31/2014 | 3/30/2019 | Base Rent | 60 | Pending | 7,151.37 | |||||||||||
| 3/31/2019 | 3/30/2024 | Base Rent | 60 | Pending | 8,009.54 | |||||||||||
| 8135C | 4345 West Lake Mary Blvd Lake Mary, FL 32746 | Fran Act Passth | 7/26/1994 | 7/25/2014 | Base Rent | 240 | Active | 6,243.23 | ||||||||
| 7/26/1994 | 7/25/2014 | Other | 240 | Active | 0.00 | |||||||||||
| 7/26/1994 | 7/25/2014 | R/E Tax | 240 | Active | 0.00 | |||||||||||
| 7/26/1994 | 7/25/2014 | Sales Taxes | 240 | Active | 437.02 | |||||||||||
| 7/26/2014 | 7/25/2019 | Base Rent | 60 | Pending | 7,831.51 | |||||||||||
| 7/26/2019 | 7/25/2024 | Base Rent | 60 | Pending | 8,771.29 |
Schedule 2 Page 10
