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Franchisees Inability To Perform Due To Poor Health
The franchiser, ______________, and the franchisee, ______________, as set forth in their franchise agreement on ___________ and as witnessed by __________, have agreed to the following additional terms and conditions:
The franchiser reserves the right to assume full management responsibilities in the case that franchisee either passes away or is incapable due to illness or otherwise. The franchiser agrees to pay the franchisee (--%) of the net profit of franchisees business unit during such time.
If it is necessary for the franchiser to assume direct management, this will be in effect for __________ (days, weeks). At the end of that period if the franchisee is no longer or has been rendered incapacitated, the franchiser may continue direct management, or choose to end contractual agreement and to buy out franchisees interest in perspective business unit.
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [COUNTY]
On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____