Purchase Agreement between Stephen Wells and Twistee Treat Corp. for Interest in Twistee Treat Southeast, Inc.

Summary

This agreement, dated May 22, 1998, is between Stephen Wells (Seller) and Twistee Treat Corp. (Buyer). Twistee Treat Corp. agrees to purchase Stephen Wells' 50% interest in Twistee Treat Southeast, Inc. for $150,000, with a $12,500 option fee already paid and the remaining balance to be paid in installments through December 1999, including 9% interest. If the Buyer defaults, the Seller may sell the agreement and benefit from any related agreements entered by the Buyer.

EX-10.2 3 0003.txt EXHIBIT 10.2 ------------ PURCHASE AGREEMENT This agreement dated on this 22 day of May 1998 by and between Stephen Wells ("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 Howard Hochrad. Buyer previously paid Seller an option fee toward this purchase. WHEREAS Buyer has entered into a separate agreement with Howard Hochrad 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 ------------------- -------------- ---------- 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 Stephen Wells 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: STEPHEN B. WELLS By: /s/ ---------------------------- Date: 22/5/98 ----------------------------