Document:

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                                                                   EXHIBIT 10.22

                                 SECOND AMENDED
                             SECURED PROMISSORY NOTE

DATED AS OF FEBRUARY 16, 2001                                       $538,900.00

         For value received, ROBERT E. SCHERMER, JR., a Michigan resident whose
address is 475 Golf Road, S.E., Grand Rapids, Michigan 49546 (the "MAKER"),
promises to pay to the order of MERITAGE HOSPITALITY GROUP INC., a Michigan
corporation whose address is 1971 East Beltline Ave., N.E., Suite 200, Grand
Rapids, Michigan 49525 (the "HOLDER"), at the Holder's office located at 1971
East Beltline Ave., N.E., Suite 200, Grand Rapids, Michigan 49525, or at such
other place as the Holder may from time to time specify, the principal sum of
Five Hundred Thirty Eight Thousand Nine Hundred Dollars ($538,900.00), together
with interest on any part thereof unpaid at the rate of eight percent (8.0%) per
annum, except as otherwise noted herein.

    1. PAYMENT SCHEDULE. The entire principal balance shall be due and payable,
together with all accrued and unpaid interest, on May 17, 2002. The indebtedness
evidenced by this Second Amended Note (hereinafter "this Note") may be prepaid,
in whole or in part, at any time without notice and without penalty or premium.

    2. STOCK PLEDGE. This Note is secured by a Second Amended Stock Pledge
Agreement between the Maker and the Holder of even date herewith.

    3. EVENT OF DEFAULT AND REMEDY. The failure by the Maker to duly observe or
perform any material obligation of the Maker set forth in this Note or in the
Second Amended Stock Pledge Agreement shall constitute an "EVENT OF DEFAULT"
under this Note. If an Event of Default has not been cured within ten (10) days
after receipt of written notice from the Holder of the existence of an Event of
Default, the indebtedness evidenced by this Note shall be in default, and the
Holder shall have the right to (i) accelerate the indebtedness evidenced by this
Note, (ii) take such action as may be permitted at law or in equity to collect
the indebtedness evidenced by this Note, and (iii) change the interest due under
this Note to ten percent (10.0%) per annum. The Maker shall pay all costs of
collection, including reasonable attorneys' fees, in case the indebtedness
evidenced by this Note or any part thereof is not paid when due, or in case it
becomes necessary to protect the security for this Note, whether suit is brought
or not. If any Event of Default occurs, neither the failure of the Holder to
promptly exercise its right to declare the outstanding principal and accrued and
unpaid interest hereunder to be immediately due and payable, nor failure to
exercise any other right or remedy the Holder may have for default, shall
constitute a waiver of any such default or remedies. Acceptance by the Holder of
partial payments following due acceleration of the indebtedness evidenced hereby
shall not constitute a waiver by the Holder of the acceleration of such
indebtedness.

    4. NOTICES. All notices and other communications hereunder shall be in
writing and shall be deemed to be given if delivered personally, sent by
reputable overnight courier (such as Federal Express), or sent by registered or
certified U.S. Mail return receipt requested, to the address first set forth
above, or to such place as the Maker or Holder may designate in writing from
time to time.

    5. GOVERNING LAW. This Note shall be governed by and construed in accordance
with the laws of the State of Michigan.

                                      1

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    6. GENERAL. In no event shall the Maker be required to make any payment
hereunder which would violate any applicable law regulating or limiting the rate
of interest that the Holder of this Note may lawfully collect. The obligations
of the Maker under the Note and Second Amended Stock Pledge Agreement are
absolute and unconditional, and shall not be subject to any defense, claim,
right of set-off, deduction or counterclaim. This Note may be amended only by an
instrument in writing signed by the parties hereto.

         This Second Amended Secured Promissory Note is executed and delivered
on November 16, 2001, but is to be effective as of February 16, 2001.

                                     ROBERT E. SCHERMER, JR.

                                          /s/  Robert E. Schermer, Jr.
                                     ------------------------------------------

                                       2

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                      SECOND AMENDED STOCK PLEDGE AGREEMENT
                      -------------------------------------

         This Second Amended Stock Pledge Agreement is made as of February 16,
2001, by ROBERT E. SCHERMER, JR., a Michigan resident whose address is 475 Golf
Road, S.E., Grand Rapids, Michigan 49546 (the "DEBTOR"), and MERITAGE
HOSPITALITY GROUP INC., a Michigan corporation whose address is 1971 East
Beltline Ave., N.E., Suite 200, Grand Rapids, Michigan 49525 (the "CREDITOR").

                               STATEMENT OF FACTS
                               ------------------

         A. As payment for 250,000 shares of the Creditor's common stock issued
to Debtor effective February 9, 2001 (the "PLEDGED SHARES), the Debtor executed
and delivered to the Creditor a Secured Promissory Note dated February 15, 2001,
in the original principal amount of $538,900 (the "NOTE").

         B. The Note provides that the due performance and observance of the
Debtor's obligations under the Note will be secured by a lien on the Pledged
Shares granted pursuant to this Agreement.

         C. To secure the Note, the parties entered into a Stock Pledge
Agreement dated February 16, 2001 (the "PLEDGE AGREEMENT").

         D. The parties amended the Note and Pledge Agreement on May 16, 2001
(the "AMENDED NOTE" and "AMENDED PLEDGE AGREEMENT") to change the payment due
date from May 17, 2001 to November 17, 2001.

         E. The parties now desire to amend the Amended Note and the Amended
Pledge Agreement.

         F. The Amended Pledge Agreement is therefore replaced in its entirety
with this Second Amended Stock Pledge Agreement, which shall secure the Second
Amended Note. All references below to the "Note" shall be deemed to reference
the Second Amended Note, and all referenced below to "this Agreement" shall be
deemed to reference the Second Amended Stock Pledge Agreement.

         The parties therefore agree as follows:

         1. INCORPORATION OF STATEMENT OF FACTS. The Statement of Facts is true
and accurate, and is incorporated into this Agreement.

         2. GRANT OF SECURITY INTEREST; RELEASED COLLATERAL. (a) The Debtor
grants and conveys to the Creditor a security interest in (i) the Pledged
Shares; (ii) all dividends, distributions and other sums paid or payable to or
for the benefit of the Debtor on account of or in respect of the Debtor's status
as owner of the Pledged Shares; (iii) all new, substituted or additional shares
of Pledged Shares or other securities of the Creditor at any time issued to or
for the benefit of Debtor on account of or in respect of the Debtor's status as
owner of the Pledged Shares, including without limitation, any such stock or
securities issued by reason of or in connection with any dividend,
reclassification, readjustment or other change with respect to the Pledged
Shares made or declared in the capital structure of the Creditor; and (iv) all
proceeds (whether cash or non-cash) and products of each of the foregoing. The
items of collateral described in clauses (i)-(iv) of this Paragraph are
collectively referred to in this Agreement as the "COLLATERAL".

         (b) The Debtor shall use all cash dividends paid with respect to the
Pledged Shares to immediately pay off or pay down the indebtedness evidenced by
the Note.

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         (c) The Debtor shall take such action as may be reasonably requested by
the Creditor in writing to effectuate this Agreement and the transactions
contemplated herein, and to perfect the pledge of, and the Creditor's lien
against, the Collateral. The Debtor agrees to promptly deliver to the Creditor
such certificates and other instruments evidencing any Collateral.

         3. SECURED OBLIGATIONS. The security interest granted hereunder is for
the purpose of securing the prompt and full payment when due (and not merely the
ultimate collectibility) of all principal, interest, and other sums payable by
the Debtor to the Creditor pursuant to the Note (the "SECURED OBLIGATIONS").

         4. REPRESENTATIONS, WARRANTIES, ETC. The Debtor represents, warrants
and covenants to the Creditor that:

         (a) The security interest granted hereby to the Creditor does now and
         shall at all times during the term of this Agreement constitute a first
         and prior lien on the Collateral, subject only to such matters as may
         be specifically agreed to in writing by the Creditor.

         (b) The Debtor is the lawful and absolute owner of the Collateral,
         subject to no other lien, encumbrance, right, claim or interest of any
         kind or nature (other than such interests in favor of the Creditor). In
         addition, the Debtor has the full and unrestricted right to pledge,
         assign and create a security interest in the Collateral as described in
         and contemplated by this Agreement.

         (c) The Debtor has the legal capacity to enter into and perform all of
         its obligations and agreements under this Agreement.

         (d) No consent or approval for the entry into and performance by the
         Debtor of its obligations and agreements under this Agreement is
         necessary.

         (e) The execution, delivery and performance of this Agreement by the
         Debtor will not affect or in any way impair the Collateral or the
         Debtor's or the Creditor's rights or interests therein.

         5. AGREEMENTS. So long as this Agreement is in effect, the Debtor
shall:

         (a) Maintain the Collateral free from all pledges, liens, encumbrances
         and security interests or other claims in favor of others, other than
         the security interest in favor of the Creditor, and the Debtor will
         defend the Collateral against all claims and demands of all persons.

         (b) Comply with the requirements of all applicable state, local and
         federal laws necessary to grant to the Creditor a valid lien upon, and
         a duly perfected security interest in, the Collateral in compliance
         with the requirements of this Agreement.

         (c) Pay all reasonable costs and expenses of whatever kind and nature
         that the Creditor may incur, including reasonable attorneys' fees, in
         protecting, maintaining, preserving, enforcing or foreclosing the
         Collateral or the security interest granted to the Creditor hereunder,
         whether through judicial proceedings or otherwise, or in defending or
         prosecuting any actions or proceedings arising out of or relating to
         any of the Secured Obligations.

         (d) Appear in and defend any action or proceeding arising out of or
         connected with this Agreement, and pay all reasonable costs and
         expenses of the Creditor (including, without limitation, reasonable
         attorneys' fees) in any such action or proceeding in which the Creditor
         appears or determines to become involved.

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         (e) Not, without the prior written consent of the Creditor, sell,
         assign, encumber, pledge, hypothecate, transfer or otherwise dispose of
         the Collateral or any part thereof or any interest therein.

         (f) Provide the Creditor, and the Creditor's agents and attorneys,
         reasonable access to the books and records of the Debtor for inspection
         purposes, and permit the Creditor and the Creditor's agents and
         attorneys to make copies of such books and records.

         6. PERFORMANCE BY THE CREDITOR. If the Debtor fails to duly and
punctually perform, observe or comply with any term, condition or covenant
contained in this Agreement, the Creditor, without notice to or demand upon the
Debtor and without waiving or releasing any of the Secured Obligations, may at
any time thereafter perform such condition, term or covenant for the account and
at the expense of the Debtor. All sums paid or advanced in connection with the
foregoing and all costs and expenses (including, without limitation, reasonable
attorneys' fees) incurred in connection therewith shall be paid by the Debtor to
the Creditor on demand, and shall constitute and become a part of the Secured
Obligations.

         7. DEFAULT. The Debtor shall be in default under this Agreement only if
an Event of Default (as defined in the Note) has not been cured within ten (10)
days after receipt by the Debtor of written notice from the Creditor of the
existence of an Event of Default.

         8. REMEDIES. Upon and at any time after a default under this Agreement,
the Creditor shall, at its option and without further notice to the Debtor
(except for such further notices, if any, that may be required by law) be
entitled to exercise any or all rights and remedies provided hereunder or by
law, including without limitation the rights and remedies of a secured party
under the Michigan Uniform Commercial Code. Any requirement under the Michigan
Uniform Commercial Code or otherwise of reasonable notice shall be met if the
Creditor sends the Debtor notice of sale and other notices required by law at
least ten (10) days prior to the date of sale, disposition or other event giving
rise to the required notice. Any sale held pursuant to the exercise of the
Creditor's rights hereunder may be public or private, and at such sale the
Creditor shall have the right, at any time and from time to time, to the extent
permitted by law, to sell, assign and deliver all or any part of the Collateral,
at the Creditor's office or elsewhere, without demand of performance,
advertisement of notice of intention to sell or of the time or place of sale or
adjournment thereof or any other notice (all of which are hereby waived by the
Debtor to the extent permitted by law), except such notice as is required by
applicable law and cannot be waived, for cash, on credit or for other property,
for immediate or future delivery, without any assumption or credit risk, and,
provided that such is not in violation of applicable law, for such terms as the
Creditor in its absolute and uncontrolled discretion may determine. In
furtherance of the Creditor's rights hereunder, the Creditor shall have the
right, for and in the name, place and stead of the Debtor, to execute
endorsements, assignments or other instruments of conveyance or transfer with
respect to all or any of the Collateral. All amounts collected by the Creditor
as the result of any action taken pursuant to this Paragraph 8, and the
liquidation value of any other property received as a result of such action,
shall be applied by the Creditor as follows:

         (a) First, to the payment of all fees and costs including, without
         limitation, reasonable attorneys' fees, incurred in connection with the
         collection of the Secured Obligations or in connection with the
         exercise or enforcement of the Creditor's rights, powers or remedies
         under this Agreement.

         (b) Second, to the payment and satisfaction of all of the Secured
         Obligations.

         The remedies provided in this Agreement in favor of the Creditor shall
not be deemed exclusive, but shall be cumulative, and shall be in addition to
all other remedies in favor of the Creditor existing at law or in equity.

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         9. VOTING RIGHTS. Unless and until title to the Pledged Stock is
transferred pursuant Paragraph 8 of this Agreement, notwithstanding any other
provision of this Agreement to the contrary, the Debtor shall retain all voting
and other rights associated with the Pledged Shares.

         10. RELEASE OF LIEN AND INTERESTS IN THE COLLATERAL. When the Debtor
makes full and complete payment of the outstanding principal balance and all
accrued and unpaid interest under the Note, the Creditor shall release its liens
and security interests in the Collateral, and deliver to the Debtor all
documents and instruments evidencing the released Collateral.

         11. NOTICES. All notices and other communications hereunder shall be in
writing and shall be deemed to be given if delivered personally, sent by
reputable overnight courier (such as Federal Express), or sent by registered or
certified U.S. Mail return receipt requested to the address first set forth
above, or to such place as the Debtor or Creditor may designate in writing from
time to time.

         12. CONTROLLING LAW; SEVERABILITY. This Agreement shall be construed in
each and every respect in accordance with the laws of the State of Michigan. If
any provision hereof is in conflict with any laws or is otherwise unenforceable
for any reason whatever, such provision shall be deemed null and void to the
extent of such conflict or unenforceability, and shall be severed from and shall
not invalidate any other provision of this Agreement.

         13. MISCELLANEOUS. This Agreement shall be binding upon and shall inure
to the benefit of the parties and their respective successors and assigns. No
failure or delay on the part of the Creditor in exercising any power or right
hereunder shall operate as a waiver thereof or as a waiver of any other term,
provision or condition hereof, nor shall any single or partial exercise of any
such right or power prelude any other or further exercise thereof or the
exercise of any other right or power hereunder. This Agreement may be amended
only by an instrument in writing signed by the parties hereto. Time shall be
deemed to be of the essence in each and every respect hereunder. There are no
third-party beneficiaries to this Agreement.

         This Second Amended Stock Pledge Agreement is executed and delivered on
November 16, 2001, but is to be effective as of February 16, 2001.

         IN WITNESS WHEREOF, the parties have executed this Second Amended Stock
Pledge Agreement as of the date first above stated.

                               ROBERT E. SCHERMER, JR.

                                        /s/  Robert E. Schermer, Jr.
                               ------------------------------------------------

                               MERITAGE HOSPITALITY GROUP INC.

                                        /s/  James R. Saalfeld, Vice President
                               ------------------------------------------------

                                       4<PAGE>

                                                                   EXHIBIT 10.25
                         MERITAGE HOSPITALITY GROUP INC.

                    AMENDED 2001 DIRECTORS' SHARE OPTION PLAN

         The purpose of the 2001 Directors' Share Option Plan, as amended, is to
advance the interests of Meritage Hospitality Group Inc. and its shareholders by
affording non-employee members of the Company's Board of Directors an
opportunity to increase their proprietary interest in the Company by the grant
of options to them to purchase common shares under the terms set forth herein.
The Company believes that this Plan will give an incentive to these members of
the Board to increase revenues and profits.

         1. EFFECTIVE DATE OF THE PLAN. This Plan shall become effective on May
15, 2001.

         2. SHARES SUBJECT TO THE PLAN. The shares to be issued upon the
exercise of the options granted under the Plan shall be common shares, $.01 par
value, of the Company. Either treasury or authorized and unissued common shares,
or both, as the Board of Directors shall from time to time determine, may be so
issued. No common shares which are the subject of any lapsed, expired or
terminated options may be made the subject of additional options under the Plan.

         Subject to the provisions of Section 4 hereof, the aggregate number of
common shares for which options may be granted under the Plan shall be 120,000
shares.

         3. ADMINISTRATION. The Plan shall be administered by a committee
appointed in accordance with the Bylaws and consisting of three or more
directors which directors may also be eligible to participate in the Plan.
Subject to the express provisions of the Plan, the Committee shall have the
authority to establish the terms and conditions of such option agreements,
consistent with this Plan. Such agreements need not be uniform.

         4. ADJUSTMENTS TO COMMON SHARES AND OPTION PRICE.

            4.1 In the event of changes in the outstanding common shares of the
       Company as a result of share dividends, split-ups, recapitalizations,
       combinations or exchanges, the number and class of common shares
       authorized to be the subject of options under the Plan and the number and
       class of common shares and option price for each option which is
       outstanding under this Plan shall be correspondingly adjusted by the
       Committee.

            4.2 The Committee shall make appropriate adjustments in the option
       price to reflect any spin-off of assets, extraordinary dividends or other
       distributions to shareholders.

            4.3 In the event of the dissolution or liquidation of the Company or
       any merger, consolidation or combination in which the Company is not the
       surviving corporation or in which the outstanding common shares of the
       Company are converted into cash, other securities or other property, each
       outstanding option issued hereunder shall terminate as of a date fixed by
       the Committee, provided that no less than 20 days' written notice of the
       date of expiration shall be given to each holder of an option. Each such
       holder shall have the right during such period following notice to
       exercise the option as to all or any part of the option for which it is
       exercisable at the time of such notice.

         5. ELIGIBLE DIRECTORS; GRANT OF OPTIONS. An Eligible Director is each
director of the Company as of the time of grant of an option called for
hereafter who is not also an employee of the Company.

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         Each Eligible Director shall be granted an option for the purchase of
1,000 common shares immediately after the 2001 Annual Shareholders' Meeting, and
after each subsequent Annual Shareholders' Meeting. Persons who become Eligible
Directors after the effective date of the Plan shall be granted an option for
5,000 common shares as a result of their election, whether by shareholders or
directors, and upon each subsequent Annual Shareholders' Meeting, another option
for 1,000 common shares. All grants shall be made on the date of the event
giving rise to the option. Such grants shall continue until the number of the
shares provided for in Section 2 are exhausted.

         Subject to the terms and conditions of the Plan, the Committee may,
from time to time, grant additional options to Eligible Directors on such terms
and conditions as the Committee may determine.

         6. PRICE. The purchase price of the common shares which may be acquired
pursuant to the exercise of any option granted pursuant to the Plan shall be the
last closing sale price reported on the date of grant.

         7. PERIOD OF OPTION. The term of each option shall be ten years from
the date of grant.

         8. EXERCISE OF OPTION. At any time following six months from its date
of issue, an option may be exercised by an Eligible Director as to all or part
of the shares covered thereby by giving written notice to the Company at its
principal office, directed to the attention of its Secretary, accompanied by
payment of the option price in full for shares being purchased. The payment of
the option price shall be either in cash or, subject to any conditions set forth
in the option agreement, by delivery of common shares of the Company having a
fair market value equal to the purchase price on the date of exercise of the
option, or by any combination of cash and such shares.

         Unless there is in effect at the time of exercise a registration
statement under the Securities Act of 1933 permitting the resale to the public
of shares acquired under the Plan, the holder of the option shall, except to the
extent determined by the Committee that such is not required, (i) represent and
warrant in writing to the Company that the shares acquired are being acquired
for investment and not with a view to the distribution thereof, (ii) acknowledge
that the shares acquired may not be sold unless registered for sale under said
Act or pursuant to an exemption from such registration, and (iii) agree that the
certificates evidencing such shares shall bear a legend to the effect of clauses
(i) and (ii).

         9. NONTRANSFERABILITY OF OPTIONS. An option is not transferable by an
Eligible Director to whom granted other than by will or the laws of descent and
distribution or pursuant to a qualified domestic relations order as defined by
the Internal Revenue Code of 1986, as amended (the "Code"), or Title 1 of the
Employee Retirement Income Security Act, as amended.

         10. DEATH OR DISABILITY OF AN OPTIONEE. If an optionee shall cease to
be an Eligible Director on account of disability or death, an option theretofore
granted to such Eligible Director may be exercised by the optionee or, in the
case of death, by the legal representative of the estate of the deceased option
holder or by the person or persons to whom such Eligible Director's rights under
the option shall pass by will or the laws of descent and distribution, at any
time within one year from the date the optionee ceased to be an Eligible
Director, but only to the extent the option holder was entitled to exercise the
option at the date of such cessation and only during the option period.
"Disability" shall have the meaning ascribed to it in Section 105(d)(4) of the
Code.

         11. RIGHTS AS A SHAREHOLDER. The holder of an option shall not have any
of the rights of a shareholder of the Company with respect to the shares subject
to an option until a certificate or certificates for such shares shall have been
issued upon the exercise of the option.

                                       2
<PAGE>

            12. AMENDMENT AND TERMINATION.

                  12.1 The Plan shall terminate five years after its effective
         date and thereafter no options shall be granted thereunder. All options
         outstanding at the time of termination of the Plan shall continue in
         full force and effect in accordance with and subject to the terms and
         conditions of the Plan. The Board of Directors of the Company at any
         time prior to that date may terminate the Plan or make such amendments
         to it as the Board of Directors shall deem advisable. No termination or
         amendment of the Plan may, without the consent of the holder of an
         option then existing, terminate the option or materially and adversely
         affect the rights under the option.

                  12.2 This Plan may not be amended more than once every six
         months other than to conform with changes in the Code, the Employee
         Retirement Income Security Act, as amended, or the rules thereunder.

         13. AUTOMATIC TERMINATION OF OPTION. Notwithstanding anything contained
herein to the contrary:

                  13.1 If at any time a holder of an option granted under this
         Plan becomes an employee, officer or director of or a consultant to an
         entity which the Committee determines is a competitor of the Company,
         such option shall automatically terminate as of the date such
         conflicting relationship was established regardless of whether such
         option is exercisable in whole or in part at such time.

                  13.2 An option shall terminated immediately if such
         termination is for cause. Cause is defined as including, but not
         limited to, theft or intentional damage to Company property, the use of
         illegal drugs, the commission of a criminal act, or willful violations
         of the law or of policies of the Company which prohibit directors from
         trading common shares for personal gain based on knowledge of the
         Company's activities or results when such information is not available
         to the general public.

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