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ADDENDUM TO __________________________
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AGREEMENT
THIS ADDENDUM (“Addendum”) is made and entered into on _________________, 20____, by and
between ___________________________________________________________ (“_______________”),
located at ______________________________________________________________________, and
__________________________________________________________________ (“_______________”),
located at _______________________________________________________________.
_______________ and _______________ entered into a _______________ Agreement on
________________, 20___, (such Agreement, together with any amendments, the “_______________
Agreement”). _______________ is applying for financing(s) from a lender in which funding is provided
with the assistance of the U. S. Small Business Administration (“SBA”). SBA requires the execution of this
Addendum as a condition for obtaining SBA-assisted financing.
In consideration of the mutual promises below and for good and valuable consideration, the receipt and
sufficiency of which the parties acknowledge the parties agree that notwithstanding any other terms in
the _______________ Agreement or any other document _______________ requires _______________
to sign:
CHANGE OF OWNERSHIP
If _______________ is proposing to transfer a partial interest in _______________ and
_______________ has an option to purchase or a right of first refusal with respect to that
partial interest, _______________ may exercise such option or right only if the proposed
transferee is not a current owner or family member of a current owner of
_______________. If the _______________’s consent is required for any transfer (full or
partial), _______________ will not unreasonably withhold such consent. In the event of an
approved transfer of the _______________ interest or any portion thereof, the transferor
will not be liable for the actions of the transferee _______________.
FORCED SALE OF ASSETS
If _______________ has the option to purchase the business personal assets upon default or
termination of the _______________ Agreement and the parties are unable to agree on the
value of the assets, the value will be determined by an appraiser chosen by both parties. If
the _______________ owns the real estate where the _______________ location is
operating, _______________ will not be required to sell the real estate upon default or
termination, but _______________ may be required to lease the real estate for the
remainder of the _______________ term (excluding additional renewals) for fair market
value.
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While relationships established under license, jobber, dealer and similar agreements are not generally described
as ‘‘franchise’’ relationships, if such relationships meet the Federal Trade Commission’s (FTC’s) definition of a
franchise (see 16 CFR § 436), they are treated by SBA as franchise relationships for franchise affiliation
determinations per 13 CFR § 121.301(f)(5).
SBA Form 2462 (01-2018)
