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Blacklined Copy FRANCHISE DISCLOSURE DOCUMENT BLACKLINED COPY 605 Highway 169 N, Suite 400 Minneapolis, Minnesota 55441 Telephone: (763) 520-8500 pias-franchise-developmentfgiplavitagainsports.coin www.plavitagainsports.com The franchisee will own and operate a Play It Again Sports® retail store from which the franchisee will sell quality used and new sporting goods equipment and accessories. : The total investment necessary to begin operation pfsa.Play It:Again Sports® store.Ts from'iS24<>.SQ0240,45D to $407,000.222^00. This includes $39,30041j00 to $4^WA^ which must be paid to us. This disclosure document summarizes certain provisions of your franchise agreement and other information in plain English. Read this disclosure document and all accompanying agreements carefiilly. You must receive this disclosure document at least 14 calendar days before you sign a binding agreement with, or make any payment to, the franchisor or an affiliate in connection with the proposed franchise sale. Note, however, that no government agency has verified the information contained in this document. You may wish to receive your disclosure document in another format that is more convenient for you. To discuss the availability of disclosures in different formats, contact the Franchise Development Department at 605 Highway 169 N, Suite 400, Minneapolis, Minnesota 55441, (763) 520-8500. The terms of your contract will govern your franchise relationship. Don't rely on the disclosure document alone to understand your contract. Read all of your contract carefiilly. Show your contract and this disclosure document to an advisor, like a lawyer or an accountant. Buying a franchise is complex investment. The information in this disclosure document can help you make up your mind. More information on franchismg, such as "A Consumer's Guide to Buying a Franchise," which can help you understand how to use this disclosure document, is available from the Federal Trade Commission. You can contact the FTC at 1-877-FTC-HELP or by writing to the FTC at 600 Pennsylvania Avenue, NW, Washington, D.C. 20580. You can also visit the FTC's home page at www.ftc.gov for additional information. Call your state agency or visit your public library for other sources of information on franchismg. There may also be laws on franchising in your state. Ask your state agencies about them. Issuance Date: March 44^4^12^2014 {TH7382.DOC } PIAS - 3/14 STATE COVER PAGE Your state may have a franchise law that requires a franchisor to register or file with a state franchise administrator before offering or selling in your state. REGISTRATION OF A FRANCHISE BY A STATE DOES NOT MEAN THAT THE STATE RECOMMENDS THE FRANCHISE OR HAS VERIFIED THE INFORMATION IN THIS DISCLOSURE DOCUMENT. Call the state franchise administrator listed in Exhibit I for information about the franchisor, or about franchismg in your state. MANY FRANCHISE AGREEMENTS DO NOT ALLOW YOU TO RENEW UNCONDITIONALLY AFTER THE INITIAL TERM EXPIRES. YOU MAY HAVE TO SIGN A NEW AGREEMENT WITH DIFFERENT TERMS AND CONDITIONS IN ORDER TO CONTINUE TO OPERATE YOUR BUSINESS. BEFORE YOU BUY, CONSIDER WHAT RIGHTS YOU HAVE TO RENEW YOUR FRANCHISE, IF ANY, AND WHAT TERMS YOU MIGHT HAVE TO ACCEPT IN ORDER TO RENEW. Please consider the following RISK FACTORS before you buy this franchise: 1. THE FRANCHISE AGREEMENT REQUIRES YOU TO RESOLVE DISPUTES WITH US BY ARBITRATION ONLY IN MINNEAPOLIS, MINNESOTA. OUT OF STATE ARBITRATION MAY FORCE YOU TO ACCEPT A LESS FAVORABLE SETTLEMENT FOR DISPUTES. IT MAY ALSO COST YOU MORE TO ARBITRATE WITH WINMARK CORPORATION IN MINNEAPOLIS, MINNESOTA THAN IN YOUR HOME STATE. 2. ALL OWNERS OF 10% OR GREATER INTEREST IN THE FRANCHISEE AND THEIR SPOUSES MUST PERSONALLY GUARANTEE ALL OF THE OBLIGATIONS OF THE FRANCHISEE UNDER THE FRANCHISE AGREEMENT AND BE BOUND BY THE CONFIDENTIALITY AND NON­ COMPETITION COVENANTS, WHETHER OR NOT SUCH SPOUSES ARE INVOLVED IN THE OPERATION OF THE FRANCHISED BUSINESS. EACH OF THESE INDIVIDUALS MUST EXECUTE A PERSONAL GUARANTY BECOMING JOINTLY AND SEVERALLY RESPONSIBLE FOR ALL AMOUNTS OWED BY AND PERFORMANCE OF ALL PROMISES OF THE FRANCHISEE UNDER THE FRANCHISE AGREEMENT. THIS REQUIREMENT PLACES THE PERSONAL ASSETS OF THE FRANCHISEE, OWNERS AND SPOUSES AT RISK. 3. THERE MAY BE OTHER RISKS CONCERNING THIS FRANCHISE. Effective Dates: See Following Page {TH7382.DOC > PIAS - 3/14 STATE EFFECTIVE DATES The following states require that the disclosure document be registered or filed with the state, or be exempt from registration: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington and Wisconsin. This disclosure document is registered, on file or exempt from registration in the following states having franchise registration and disclosure laws, with the following effective dates: State Effective Date California March 4502.30^2014 Hawaii March 3822,30142014 Illinois WAMarch1S,2M4 Indiana March 18,30^2014 Maryland March 27. 201 SPENDING Michigan March 4402,20142014 Minnesota March 19, 2013PENDING New York March 4^12,20442014 North Dakota March 28, 2013PENDING Rhode Island March 19, 2013 PENDING South Dakota March 18,20442014 Virginia March 28, 2013PENDING Washington March 18,20442014 Wisconsin March 18,20442014 In all other states, the effective date (and issuance date) of this disclosure document is March 44; 3M^7.2W4. {TH7382.DOC } PIAS - 3/14 NOTICEREQUIRED BY STATEOFMICmGAN THE STATE OF ^CHIGAN PROH^^ SOMETIMES IN ERANOHISE DOCUMENTS. IEANY OE THE EOELOWINO PROVISIONS AI^ IN THESE ERANOIHSE DOCUMENTS, THE PROVISO ENFORCED AOAINSTYOU. Fach ofthe fbtiowmg provisions is void and unenfbrcea^ afranchise: (a) Aprohihition on the right ofafranchisee to^oin an association of franehisees. (h) A reqnirentent that a franchisee assent to a reiease, assignment, novation, waiver, or estoppei which deprivesafranchisee of rights and protections provided in this act. This shaii not precindea franchisee, afrerentering intoafranchise agreement, front settiing any and aii ciaims. (c) Aprovision that permitsafranchisor to terminateafranchise prior to the expiration of its termexcepttorgoodcaase. Ooodcanseshahincindethetaiinre of thefranchisee to compiy with any iawfrii provision ofthe franchise agreement and to care snch taiinre afrer heing given written notice ther^^ andareasonahieopporttmity, which in no event need he more than 30 days, to care snch taiiare. (d) A provision that permits a franchisor to retuse to renew a franchise without tairiy compensating the franchiseehy repurchase or other meanstor ofthe franchisees inventor, supplies, equipment, tixtures, and furnishings. Personalised materials which have no value to the franchisor and inventory, supplies, equipment, fixtures, and thrnishing required in the conduct ofthe franchise husiness are not suhiect to compensation. This suhsection applies only if (i) the term of the franchise is less than^years and (ii) the franchisee is prohibited hy the fr^^ or other agreement from eontinuing to conduct substantially the same husiness under another trademark, servicemark trade name, logotype, advertising, or other con^ercial symbol in the same area subsequent to theexpirationof thefranchise or thefranchisee does not receive at least^months advance notice of franchisors intent not to renew the franchise. (e) Aprovision that permits the franchisor to retuse to renewafrancbise on terms generally available to other franchisees ofthe same class or type under similar circumstances. This section does not requirearenewal provision. (t) Aprovisionrequiringthatarbitrationorlitigationbe conducted outside this state. This shall not preclude the franchisee from entering into an agreement, at the time ofarbitration, to conduct arbitration ataiocation outside this state. (g) Aprovision which permitsafranchisor to retuse to permitatransfer of ownership ofa franchise, except tbr good cause. This subdivision does notpreventafranchisorfrom exercisingaright of tirst refusal to purchase the franchise. Cood cause shall include, but is not limited to: (i) The failure of the proposed transteree to meet the franchisors then-current reasonable qualifications or standards. (ii) The fact that the proposed transferee is a competitor of the franchisor or subfranchisor. ^nr^oo^ PtAS 3/14 (hi) The unwi^mgness ofthe proposed iawhti ohhgations. (iv) The taiiure of the franehisee or proposed transteree to pay any snms owing to the franehisor or to eare any detauh in the franehise agreement existing at retime of the proposed transter. (h) Aprovision that requires the franehisee to reseii to the franehisor items that are not uniquely identified with the franehisor. This suhdivision does not prohihitaprovision that grants toafranehisora right of th^stret^sai to purchase the assets ofafranehise on the same terms and eonditions asahona tide third party wiiiing and ahie to purchase those assets, nor does this suhdivision prohihitaprovision grants d^e franehisor the right to acquire the assets ofafranehise tor the market or appraised value of sueh assets ifthe franehisee has hreached the iawfrii provisions ofthe franehise agreement and has tai^ thehreach in the manner provided in suhdivision(c). (i) A provision which permits the franchisor to directiy or indirectiy convey, assign, or otherwise transter its ohiigations to tuifrii contractual ohiigations to the franchisee uniess made tor providmg the required contractual services. The fact that there is a noticeof this offering on file with theattorney ^eneraldoes not constitute
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