If a Goldfish Swim School franchisee purchases the real estate, what agreement must they execute?

WHEREAS, the Franchise Agreement requires that Goldfish approve the location for the Franchise Store to be established pursuant to the above referenced Franchise Agreement, that approval being conditioned upon the execution of this Real Estate Option to Purchase in the event Franchisee owns or controls the real estate;

WHEREAS, Franchisee seeks Goldfish's approval for particular real estate.

NOW THEREFORE, it is hereby agreed as follows:

• 1. Option. Franchisee hereby grants to Goldfish the option to purchase the real estate described in Exhibit "A" (and hereinafter referred to as the "Real Estate") upon the expiration without renewal or termination of the Franchise Agreement. Any transfer, renewal, extension, or amendment of the Franchise Agreement shall not affect this Option Agreement unless expressly provided. The terms of the Option rights are as follows:

• A. Exercise of Option. Within fifteen (15) days following the termination or expiration without renewal of the Franchise Agreement as provided for in the Franchise Agreement, Goldfish may notify Franchisee in writing of its intention to exercise this option to purchase the Real Estate, and which notice shall constitute an agreement to purchase the Real Estate conditioned upon Goldfish obtaining any necessary financing and the Real Estate being inspected for environmental law compliance. The closing of the sale shall occur as soon as all documentation and other matters have been completed, including obtaining any necessary financing and environmental inspections, but in any event not later than one hundred twenty (120) days after the date upon which the fair market value of the Real Estate is established, as provided in Paragraph B below, unless the parties hereto agree to a later closing date.

• B. Fair Market Value.

The parties will attempt to agree upon a fair price for the purchase of the Real Estate, but upon failing to do so within thirty (30) days from the date of the exercise of this option by Goldfish, Goldfish shall select and pay for the services of a qualified appraiser to establish the fair market value of the Real Estate, and a copy of that appraisal shall be provided to Franchisee.

Within ten (10) days after Franchisee receives the written appraisal, Franchisee shall advise Goldfish, in writing, as to whether Franchisee accepts the appraisal.

Source: Item 23 — RECEIPTS (FDD pages 77–389)