Is executing a new franchise agreement a condition for Best Brains franchise renewal?

• B. Renewal. You may, at your option, renew your franchise rights for another term equal to five (5) years subject to the following conditions which must be met prior to each renewal:
• 1. You shall have delivered to us written notice of your desire to exercise your option to renew at least six (6) months, but no more than twelve (12) months prior to the expiration of the term of this Agreement;
• 1. You shall have during the entire term of this Agreement substantially complied with all of its provisions and the provisions of any other agreement between you and us or our affiliates;
• 1. We and you (and your owners, if Franchisee is an entity) shall execute the form of franchise agreement and such ancillary agreements as are then customarily used by us in the grant of franchises;
• 1. You shall refurbish and remodel the premises of the Franchise Business and replace the equipment of the Franchised Business to be in compliance with the then current standards and specifications utilized in the granting of franchises; and
• 1. You (and your owners if Franchisee is an entity) shall execute Releases, in a form satisfactory to us, of any and all claims against the us and our affiliates, and their officers, directors, managers, shareholders, members, employees and agents.

The franchise agreement and ancillary agreements at the time of renewal may contain materially different terms from those contained in this Agreement. Failure by you (and your owners, if Franchisee is an entity) to sign such agreement(s) and releases within thirty (30) days after delivery thereof shall be deemed an election not to renew.

You shall pay to us a renewal fee as specified in Section 2.G. above.

Source: Item 23 — RECEIPTS (FDD pages 42–190)