How many additional renewal terms are available for a Card My Yard franchise agreement?

terminated as provided in this Agreement, the term of this Agreement will begin on the Effective Date and will continue until five (5) years from the Opening Date.

• B. Renewal. You may, at your option, renew your rights under this Agreement for up to three (3) additional terms of five (5) years each, subject to any or all of the following conditions which must, at our option, be met prior to and at the time of renewal:

• (1) You must give us written notice of your election to renew not less than six (6) months nor more than nine (9) months before the end of the initial term;

• (2) You must refurbish, repair or replace, at your expense, all equipment, Computer Systems, signs, fixtures, furnishings, supplies and other items required for the operation of the Card My Yard business as we may reasonably require and must otherwise upgrade the Card My Yard business to reflect the then-current standards and image of the System;

• (3) You must not be in default of this Agreement, neither you nor your Affiliates may be in default of any other agreement with us or any of our Affiliates; and you and your Affiliates shall have substantially and timely complied with the terms and conditions of such agreements during their respective terms;

• (4) You must have timely satisfied all monetary obligations owed to us and our Affiliates under this Agreement and any other agreement between you or any of your Affiliates and us or any of our Affiliates;

• (5) You must present evidence satisfactory to us that you have the right to remain in possession of the Franchise Location during the entire renewal term or obtain our consent to a new site for the Card My Yard business;

• (6) You must execute our then-current form of renewal franchise agreement, which will supersede this Agreement in all respects, and the terms of which may differ from the terms of this Agreement, except thatthe fees on renewal will not be greater than the feesthat we then impose on similarly situated renewing franchisees;

• (7) You and your Owners must execute a general release of any and all claims against us, our Affiliates, and our and their respective officers, directors, shareholders, partners, members, agents, representatives, independent contractors, servants and employees, past and present, in their corporate and individual capacities, including, without limitation, claims arising under this Agreement or under federal, state or local laws, rules, regulations or orders;

  • (8) You must pay us a renewal fee in the amount of $3,000; and
  • (9) You must comply with our then-current qualification and training requirements.

V. FEES

• A. Initial Franchise Fee.

Source: Item 23 — RECEIPTS (FDD pages 84–259)