What does signing the Learningrx addendum to the receipt page indicate?
Learningrx Franchise · 2025 FDDAnswer from 2025 FDD Document
WNERS AND SPOUSES OF OWNERS OF FRANCHISEE. ALL OWNERS OF FIVE PERCENT (5%) OR MORE OF THE OWNERSHIP INTEREST OF AN ENTITY FRANCHISEE AGREE TO SIGN ATTACHMENT VI, THE INDIVIDUAL GUARANTY.
ATTACHMENT I TO FRANCHISE AGREEMENT ADDENDUM
| Future lease payments are as follows at September 30, 2024: | | |---|---| | 2025 | $60,000 |
ATTACHMENT II TO FRANCHISE AGREEMENT
SATELLITE LOCATION ADDENDUM TO FRANCHISE AGREEMENT
| This LearningRx Satellite Addendum ("Addendum") is entered into this day of , 20 , by and between LearningRx Franchise Corporation, a Colorado corporation ("Franchisor"), and , a ("Franchisee"). |
|---|
| RECITALS |
| WHEREAS, on |
| , 20 |
| the |
| parties |
| entered |
| into |
| a |
| franchise |
| agreement ("Franchise Agreement") pursuant to which Franchisee was granted the right to |
| operate a Center at the Premises, using the System and Marks for the term of the Franchise |
| Agreement; |
| WHEREAS, Franchisee desires to obtain a license to operate an additional location |
| ("Satellite Location") under the Marks and in strict conformance with the System and the |
| specifications listed in Franchisor's Operations Manual, and Franchisor is willing to grant |
| Franchisee such a license to operate a Satellite Location under the terms and conditions of this |
| Addendum; and |
| WHEREAS, all capitalized terms used in this Addendum shall have the meaning as defined |
| in the Franchise Agreement. |
| NOW, the parties agree as follows: |
I. GRANT
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- Grant of License. So long as the Franchise Agreement between Franchisor and Franchisee remains in good standing, Franchisor grants to Franchisee and Franchisee accepts from Franchisor, a non-exclusive right and obligation to use the System and Marks to open and operate one Satellite Location, in accordance with the terms of the Franchise Agreement. The Satellite Location must comply with all specifications set forth in Franchisor's current Operations Manual.
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- Term. The term of this Addendum will begin on the date this Addendum is executed ("Execution Date") and, unless it is terminated earlier according to this Addendum, will expire at midnight on the three hundred, sixty-fifth (365th) day after the Execution Date ("Initial Term").
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- Satellite Location Fee. Upon the signing of this Addendum, Franchisee must pay a Satellite Location fee of Five thousand and 00/100 Dollars ($5,000.00) ("Satellite Location Fee"), if the Satellite Location is outside of the Territory. The Satellite Location Fee is fully earned upon signing this Addendum and is non-refundable under any circumstances. Upon making one annual payment of Five thousand and 00/100 Dollars ($5,000.00) or twelve (12) monthly payments of Four hundred fifty and 00/100 Dollars ($450.00) for a Satellite Location outside of the Territory,
What This Means (2025 FDD)
Based on the 2025 Learningrx Franchise Disclosure Document, signing the Learningrx Satellite Addendum indicates an agreement between Learningrx Franchise Corporation and the franchisee to operate an additional location, known as a Satellite Location. This addendum grants the franchisee a license to operate this Satellite Location under the Learningrx marks and in accordance with the Learningrx system and specifications outlined in the Operations Manual.
The addendum specifies that all capitalized terms used within it will have the same meaning as defined in the original Franchise Agreement. The franchisee is granted a non-exclusive right and obligation to use the Learningrx system and marks to open and operate one Satellite Location, provided the Franchise Agreement remains in good standing. The Satellite Location must adhere to all specifications in Learningrx's current Operations Manual.
The term of the addendum begins on the execution date and expires 365 days later, unless terminated earlier. Upon signing the addendum, the franchisee must pay a Satellite Location fee. The fee is $5,000 if the Satellite Location is outside the Territory. Alternatively, the franchisee can make one annual payment of $5,000 or twelve monthly payments of $450 for a Satellite Location outside of the Territory. If the Satellite Location is within the Territory, a reduced Satellite Location Fee of $2,400 is due only if the franchisee wants the Satellite Location listed on the Learningrx website. This fee is fully earned upon signing and is non-refundable under any circumstances.