SECOND AMENDMENT TO COMMERCIAL LEASE AGREEMENT
Exhibit 10.1
SECOND AMENDMENT TO COMMERCIAL LEASE AGREEMENT
This Second Amendment to the Commercial Lease Agreement (the “SECOND AMENDMENT”) is made this 1st day of September, 2016, (the “EFFECTIVE” DATE) by and between Zoned Properties, Inc., C3C3 Group, LLC. and Xxxx Xxxxxx, Individually as Personal Guarantor.
WITNESSETH:
WHEREAS, Landlord and Tenant heretofore entered into a Commercial Lease Agreement (the “LEASE”) executed and effective as of August 15, 2015 for the lease on the facilities commonly known as 000 X. Xxxxxxx Xx. Xxxxx 0, Xxxxx Xxxxxxx 00000; and
WHEREAS, The Landlord has invested capital into the property for expansion of the facilities for use by the Tenant, including by not limited to an expansion of utilities and an expansion of cultivation space; and
WHEREAS, The parties hereto desire to change the rental rate of the monthly rental payment and the size of the operating premises to reflect the expanded facilities; and
WHEREAS, all defined terms used in the Lease shall have the same meaning herein as therein.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for good and valuable consideration, the sufficiency and receipt of which is acknowledged, the Parties agree to the following amendments to the language of the Lease:
| 1. | 2.01 Premises: The Premises shall be amended as per the Premises description attached as an updated “Amended Exhibit C” to the original Lease Agreement. | |
| 2. | 5.01 Base Rent: The Base Rent shall be amended as per the Rental Schedule attached as an updated “Amended Exhibit B” to the original Lease Agreement. |
[Signature Page to Follow]
| 1 |
Your signature below will indicate that you agree to the terms and conditions as set forth herein dated September 01, 2016:
| Zoned Properties, Inc. | C3C3 Group, LLC. | |||
| By: | /s/ Xxxxx XxXxxxx | By: | /s/ Xxxxxxxxxxx Xxxxx | |
| Name: | Xxxxx XxXxxxx | Name: | Xxxxxxxxxxx Xxxxx | |
| Title: | CEO | Title: | President | |
| Xxxx Xxxxxx, Individually, | ||||
| By: | /s/ Xxxx Xxxxxx | |||
| Name: | Xxxx Xxxxxx | |||
| Title: | Personal Guarantor | |||
| 2 |
AMENDED EXHIBIT B: Rental Payment Schedule
| Year | Months | Start Date | Monthly Payment | Annual Rental Rate | Base Rental Rate | Rentable Area | ||||||||||||||
| 1 | 01-12 | 8/1/15 | $ | 13,500.00 | $ | 162,000.00 | $ | 32.40 | 5,000 | |||||||||||
| 2 | 13-18 | 8/1/16 | $ | 13,500.00 | $ | 162,000.00 | $ | 10.80 | 15,000 | |||||||||||
| 2 | 19-24 | 2/1/17 | $ | 25,500.00 | $ | 306,000.00 | $ | 20.40 | 15,000 | |||||||||||
| 3 | 25-36 | 8/1/17 | $ | 49,500.00 | $ | 594,000.00 | $ | 29.70 | 20,000 | |||||||||||
| 4 | 37-48 | 8/1/18 | $ | 52,500.00 | $ | 630,000.00 | $ | 31.50 | 20,000 | |||||||||||
| 5 | 49-60 | 8/1/19 | $ | 55,125.00 | $ | 661,500.00 | $ | 33.08 | 20,000 | |||||||||||
| 6 | 61-72 | 8/1/20 | $ | 57,881.25 | $ | 694,575.00 | $ | 34.73 | 20,000 | |||||||||||
| 7 | 73-84 | 8/1/21 | $ | 60,775.31 | $ | 729,303.75 | $ | 36.47 | 20,000 | |||||||||||
| 8 | 85-96 | 8/1/22 | $ | 63,814.08 | $ | 765,768.94 | $ | 38.29 | 20,000 | |||||||||||
| 9 | 97-108 | 8/1/23 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 10 | 109-120 | 8/1/24 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 11 | 121-132 | 8/1/25 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 12 | 133-144 | 8/1/26 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 13 | 145-156 | 8/1/27 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 14 | 157-168 | 8/1/28 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 15 | 169-180 | 8/1/29 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 16 | 181-192 | 8/1/30 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 17 | 193-204 | 8/1/31 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 18 | 205-216 | 8/1/32 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 19 | 217-228 | 8/1/33 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
| 20 | 229-240 | 8/1/34 | $ | 67,004.78 | $ | 804,057.38 | $ | 40.20 | 20,000 | |||||||||||
*Annual Rental Rate escalates at 5% per annum through year 10
AMENDED EXHIBIT C: PROPERTY SITE AND LEGAL DESCRIPTION
| Parcel ID: | 000-00-000 |
| Property Address: | 000 X. Xxxxxxx Xx. Xxxxx #0 |
| Xxxxx, XX 00000 | |
| Building and Premises: | Tempe Cultivation Site; approximately 15,000 square feet of completed warehouse located in eastern side of the building. The Authority to Operate (ATO) for the Cultivation Site will be held by CJK, Inc. |
