Which section of the Golden Krust Caribbean Restaurant Franchise Agreement is modified by this addendum?
Golden_Krust_Caribbean_Restaurant Franchise · 2024 FDDAnswer from 2024 FDD Document
staurant will be located in the State of New York.
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- Any provision in the Franchise Agreement that is inconsistent with the New York General Business Law, Article 33, Sections 680 – 695, may not be enforceable.
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- The following sentence is added to the end of Section XIII.A., under the heading "Transfer":
We will not assign our rights under this Agreement, except to an assignee who in our good faith and judgment is willing and able to assume our obligations under this Agreement.
- The following sentence is added to the end of Section XIII.C., under the heading "Transfer":
Any provision in this Agreement requiring you to sign a general release of claims against us does not release any claim you may have under New York General Business Law, Article 33, Sections 680-695.
- The following sentence is added to the end of Section XVIII.E, under the heading "Arbitration":
Our right to obtain injunctive relief exists only after proper proofs are made and the appropriate authority has granted such relief.
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- To the extent this Addendum is deemed to be inconsistent with any terms or conditions of the Franchise Agreement, the terms of this Addendum shall govern.
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- Any capitalized terms that are not defined in this Addendum shall have the meaning given them in the Franchise Agreement.
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- Except as expressly modified by this Addendum, the Franchise Agreement remains unmodified and in full force and effect.
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- This Addendum may be executed in multiple counterparts, each of which when executed and delivered shall be deemed an original and all of which together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Addendum by electronic transmission (including PDF) shall be as effective as delivery of a manually executed counterpart of this Addendum.
IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Amendment to the Agreement on the same date as the Agreement was executed.
GOLDEN KRUST FRANCHISING, INC. COMPANY NAME a New York corporation a state corporation/limited liability company
ITEM 23. RECEIPT
The last pages of this Franchise Disclosure Document are Exhibit "I" which is a detachable document in duplicate. Please detach, sign, date and return one (1) signed copy of the Receipt to us acknowledging you received this Franchise Disclosure Document. Please keep the second copy for your records.
EXHIBIT D
LIST OF STATE ADMINISTRATORS AND AGENTS FOR SERVICE OF PROCESS
LIST OF STATE ADMINISTRATORS
We intend to register this disclosure document as a "franchise" in some or all of the following states, if required by the applicable state laws.
Source: Item 22 — CONTRACTS (FDD page 35)
What This Means (2024 FDD)
According to the 2024 Golden Krust Caribbean Restaurant Franchise Disclosure Document, the New York and Maryland addenda modify specific sections of the standard franchise agreement. For franchisees in Maryland, the addendum modifies Section III.A, under the heading "Initial Franchise Fee," by adding a sentence regarding the deferral of initial fees and payments until the franchisor completes its pre-opening obligations, due to the franchisor's financial condition requiring a financial assurance from the Maryland Securities Commissioner. Additionally, Item 22 is amended to prevent franchisees from waiving claims under state franchise law or disclaiming reliance on franchisor statements.
For franchisees in New York, the addendum includes additional disclosures related to Item 17(v) and Item 17(w) concerning "Choice of forum" and "Choice of law," clarifying that the choice of law should not waive any rights conferred by Article 33 of the General Business Law of the State of New York. The addendum also stipulates that its provisions are effective only to the extent that the jurisdictional requirements of New York General Business Law, Article 33, Sections 680 through 695, are independently met.
Furthermore, a general addendum includes modifications to Section XIII.C, adding a sentence stating that any release of claims does not release claims under New York General Business Law, Article 33, Sections 680-695. It also modifies Section XVIII.E by adding that the franchisor's right to injunctive relief is contingent upon proper proofs and approval by the appropriate authority. The addendum specifies that its terms govern in case of inconsistency with the Franchise Agreement and that any undefined capitalized terms retain their meaning from the Franchise Agreement. The Franchise Agreement remains in full effect except as expressly modified by the addendum.