-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BFUmhP3/c5gOrLseFtT8Qa+Fjkow4GclCpEDEVRDY3siZkfKsI9LVR49EYRJnbuQ wTpwwhgpZhD+JQuUhY1zpw== 0001193125-06-075672.txt : 20060407 0001193125-06-075672.hdr.sgml : 20060407 20060407134718 ACCESSION NUMBER: 0001193125-06-075672 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20060405 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060407 DATE AS OF CHANGE: 20060407 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHECKERS DRIVE IN RESTAURANTS INC /DE CENTRAL INDEX KEY: 0000879554 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 581654960 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19649 FILM NUMBER: 06747332 BUSINESS ADDRESS: STREET 1: 4300 WEST CYPRESS STREET STREET 2: SUITE 600 CITY: TAMPA STATE: FL ZIP: 33607 BUSINESS PHONE: 8132837000 MAIL ADDRESS: STREET 1: 4300 WEST CYPRESS STREET STREET 2: SUITE 600 CITY: TAMPA STATE: FL ZIP: 33607 8-K 1 d8k.htm FORM 8-K Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 5, 2006

 

Checkers Drive-In Restaurants, Inc.

(Exact name of Registrant as specified in its charter)

 

Commission File Number: 0-19649

 

Delaware   58-1654960

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

4300 West Cypress Street

Suite 600

Tampa, FL

   33607
(Address of principal executive offices)   (Zip code)

(813) 283-7000

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 1.01 Entry into a Material Definitive Agreement

On April 5, 2006, Checkers Drive-In Restaurants, Inc. (the “Company”) entered into a Letter Agreement (the “Agreement”) with William J. Hoffman of Trigild International, Inc. as receiver (“Receiver”) appointed with respect to the Assets (as defined below) by order of the United States District Court for the Southern District of New York (the “Court”), 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 (“Lender”).

Pursuant to the terms of the Agreement, the Company will purchase certain assets from Lender which are currently held by Lender as collateral to secure certain loan obligations owed to Lender by Titan Holdings, LLC (“Titan”). The assets being purchased include, without limitation, the fixed assets located at sixty-two (62) restaurants (the “Restaurants”) previously operated by Titan under three (3) separate franchise agreements with the Company or otherwise subject of the Lender’s security interest, as well as inventory, cash, insurance proceeds and real property (collectively, the “Assets”), as more specifically set forth in the Agreement. The Company’s plans are to operate the Restaurants as Company-owned restaurants.

The purchase price for the Assets is $5.3 million in cash or otherwise immediately available funds, payable on the Closing Date (as defined below). Pursuant to the terms of the Agreement, the closing will occur on the business day immediately following the entry of an order of the Court approving the transaction, or such other date as directed by the order to allow for the completion of the transaction in the manner set forth in the Agreement (the “Closing Date”). The Company has granted the Receiver a limited license to operate the Restaurants as “Checkers” restaurants and a limited license to occupy any leasehold sites where Restaurants are located (the “Leasehold Sites”) until the earlier to occur of (i) the Closing Date; (ii) such date as the Receivership has been determined and/or adjudicated as finally terminated by the Court; (iii) a breach by the Receiver of his obligations related to the operation of the Restaurants not remedied or corrected within seven (7) days of written notice thereof to Receiver and Lender; or (iv) six (6) months following the date of the Letter Agreement.

During this period, the Receiver has agreed to continue to operate the Restaurants generally in accordance with all standards, policies and procedures reasonably required by Checkers and to pay the franchise royalties and advertising contributions in connection with the operation of the Restaurants as “Checkers” restaurants. Under the terms of the Agreement, the Receiver will also pay an amount equal to the pro-rated rent due for the Leasehold Sites on a pass-through basis. The Receiver has agreed not to close the Restaurants without reasonable prior written notice to the Company and to Lender, and, in the event of any such notice, the parties have agreed to reasonably cooperate to transfer the operations to the Company in a such a manner as to keep the Restaurants open.

On the Closing Date, the Company and Lender will execute mutual releases of one another, except with respect to each party’s obligations under the Agreement, and will each execute a release of the Receiver with respect to the Assets sold and the Receiver’s operation of the Assets through the Closing Date, such releases to be in form and substance satisfactory to the Company and Lender. In addition, on the Closing Date, the Company and Lender will execute an agreement regarding Lender’s waiver of certain limitations on the Company’s right to file and pursue enforcement action of certain claims against Titan and its principals, which claims are subordinate to Lender.

The Agreement does not alter or affect in any way the Company’s rights or remedies in connection with any pending legal action against Titan or its principals.

The foregoing description of the Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Letter Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

The following exhibits are filed with this Form 8-K:

 

(d) Exhibit No.  

Description

10.1   Letter Agreement, dated April 5, 2006.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Checkers Drive-In Restaurants, Inc.
                      (Registrant)
Date: April 7, 2006   By:  

/s/ Keith Sirois

    Chief Executive Officer and President
 EX-10.1 2 dex101.htm LETTER AGREEMENT Letter Agreement

Exhibit 10.1

 

LOGO   

1717 Main Street, Suite 3700

Dallas, Texas 75201

214.659.4400 Phone

214.659.4401 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

Page 2 of 6

 

 

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

Page 3 of 6

 

 

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

Page 4 of 6

 

 

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

Page 5 of 6

 

 

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,

LOGO

Brigitle Gawenda Kimichik

 

CONFIDENTIAL – FOR SETTLEMENT PURPOSES ONLY

Page 6 of 6

 

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
Subground Lease = SGL
Subsubground Lease = SSGL

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
No.

   

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
No.

   

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
No.

   

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
Rent

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

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