Item 2. Properties
ITEM 2.
PROPERTIES.
The Company leases its 19,576 square foot corporate office facility with average annual lease payments of approximately $18.00 per square
foot. This lease began on January 2, 2017 and has a ten-year term. The Company amended its lease agreement in June 2020 and has elected to defer one-half of the monthly base rent for the period from June 2020 through May 2021.
As of June 27, 2021, the Company had contingent and direct lease obligations for ten additional locations. Two of the lease obligations
have been subleased and eight of the lease obligations have been assigned to franchisees. These leased properties range in size from 2,025 to 2,850 square feet, have annual rental rates ranging from approximately $30.00 to $44.00 per square foot and
expire between 2022 and 2028.
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