FIRST AMENDMENT TO LEASE AGREEMENT

Exhibit 10.1

FIRST AMENDMENT TO LEASE AGREEMENT

THIS FIRST AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is made and entered into as of the 2^nd day of November, 2021 (the “Effective Date”) by and between PW MI CanRE Marengo LLC, a Michigan limited liability company (“Landlord”), and Marengo Cannabis LLC, a Michigan limited liability company (“Tenant”).

RECITALS:

A. Landlord and Tenant are parties to the Lease Agreement dated September 3, 2021 (the “Original Lease”), pursuant to which Tenant leases from Landlord the land and all improvements thereon located at 00000 X Xx X, Xxxxxxxx, XX 00000 as more particularly described in the Original Lease (the “Premises”).

B. Landlord and Tenant desire to amend the Lease to add additional items to the property improvement budget (“the Additional Items”) and to make corresponding changes to the Lease. The Additional Items are described on Exhibit 1- First Amendment, attached hereto.

AGREEMENT:

THEREFORE, in consideration of the mutual covenants set forth herein, the Lease is hereby amended on the terms and conditions hereinafter set forth.

1. Initially capitalized terms not otherwise defined herein will have the meanings given to such terms in the Original Lease.

2. The definition of “Base Rent” in the Lease is amended to include the column entitled “Monthly Rent” on the Rent Schedule attached as Exhibit 2 – First Amendment, which will be in addition to the Monthly Rent on the Rent Schedule attached to the Original Lease as Exhibit 2. In the event of the federal legalization of the recreations use of cannabis in the United States, the Base Rent attributable to the Additional Items will be the amount listed in the column entitled “Rent if Reset’ in the Rent Scheduled attached as Exhibit 2 – First Amendment.

3. Effective as of the date of this Amendment, Section 11.1 of the Original Lease is amended to require that the Security Deposit shall be $1,877,897 and Tenant shall deposit $152,095 on the Effective Date and an additional $152,095 by August 30, 2022 to fund the increased Security Deposit.

4. This Amendment sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof.

5. Except as specifically amended, modified or supplemented herein, the Original Lease, as amended hereby, is hereby confirmed and ratified in all respects and will remain in full force and effect according to its terms. In the event of any conflict or inconsistency between the provisions of the Original Lease and this Amendment, the provisions of this Amendment will control in all instances.

6. This Amendment may be executed in several counterparts, each of which will be deemed an original, and all of such counterparts together will constitute one and the same instrument. Executed copies hereof may be delivered by telecopy or electronic delivery, and upon receipt, will be deemed originals and binding upon the parties hereto.

7. Each party represents and warrants that, as of the date of this Amendment it has the unconditional and unrestricted right, power and authority to enter into this Amendment.

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as of the date first written above.

[SIGNATURE PAGE TO FOLLOW]

	TENANT:

	Marengo Cannabis LLC,
	a Michigan limited liability company

	By:
	Name:
	Title:

	LANDLORD:

	PW MI CanRE Marengo LLC,
	a Michigan limited liability company

	By:
	Name:	Xxxxx X. Xxxxxx
	Title:	Authorized Signatory

JOINDER OF GUARANTOR

The Guarantor of the Original Lease join herein for the purposes of evidencing their consent to this Amendment, and agreement to be bound all obligations of the Tenant Parties under the Original Lease as amended by this Amendment. The obligations of the Tenant Parties herein shall be joint and several.

Millennium Cannabis LLC, a Delaware limited liability company

By:
Name:	Xxxxx X. Xxxxxx
Title:	Authorized Signatory

Exhibit 1 – First Amendment

Power REIT Funded Construction Costs

Phase 2 Budget:
Propagation Space Buildout (40 x 60)			87,290
Office Improvements (floors and walls)			70,000
Blackout and Energy Curtains plus install			1,530,059
Nursery approximately (3/4 acre with Lights)			609,774
Head House (walls)			24,550
Xxxxx Control System			280,104
Video Surveillance System (in addition to prior approval of $130k)			65,000
Dry and Cure (includes walls and dehumidification equipment only)			922,812
Greenhouse Improvements			360,984

Contingency/Development Fee (5%)			197,529

Total Power REIT Funded Construction Costs			4,148,102

Remaining TBD Budget Items include:
Electrical throughout
Plumbing throughout
HVAC throughout
Dry and Cure Dehumidification Installation
Security Lighting
Processing Space Buildout

Exhibit 2 – First Amendment

Month	Date	Monthly Rent	Monthly Rent if Xxxxx
0	0-Xxx-00	-	XX
0	1-Dec-21	-	XX
0	0-Xxx-00	-	XX
0	0-Xxx-00	-	XX
0	1-Mar-22	-	XX
0	0-Xxx-00	-	XX
0	1-May-22	-	XX
0	0-Xxx-00	-	XX
0	0-Xxx-00	-	XX
00	1-Aug-22	57,612.53	NA
11	1-Sep-22	57,612.53	NA
12	1-Oct-22	57,612.53	NA
13	1-Nov-22	57,612.53	NA
14	1-Dec-22	57,612.53	NA
15	1-Jan-23	57,612.53	NA
16	1-Feb-23	115,225.06	NA
17	1-Mar-23	115,225.06	NA
18	1-Apr-23	115,225.06	NA
19	1-May-23	115,225.06	XX
00	0-Xxx-00	000,000.00	XX
00	0-Xxx-00	115,225.06	NA
22	1-Aug-23	115,225.06	NA
23	1-Sep-23	115,225.06	XX
00	0-Xxx-00	000,000.00	XX
00	0-Xxx-00	115,225.06	NA
26	1-Dec-23	115,225.06	NA
27	1-Jan-24	115,225.06	NA
28	1-Feb-24	115,225.06	NA
29	1-Mar-24	115,225.06	NA
30	1-Apr-24	115,225.06	NA
31	1-May-24	115,225.06	XX
00	0-Xxx-00	000,000.00	XX
00	0-Xxx-00	115,225.06	NA
34	1-Aug-24	115,225.06	NA
35	1-Sep-24	115,225.06	NA
36	1-Oct-24	115,225.06	NA

37	1-Nov-24	115,225.06	NA
38	1-Dec-24	115,225.06	NA
39	1-Jan-25	115,225.06	NA
40	1-Feb-25	172,837.58	NA
41	1-Mar-25	172,837.58	NA
42	1-Apr-25	172,837.58	NA
43	1-May-25	172,837.58	XX
00	0-Xxx-00	000,000.00	XX
00	0-Xxx-00	172,837.58	NA
46	1-Aug-25	50,698.52	NA
47	1-Sep-25	50,698.52	NA
48	1-Oct-25	50,698.52	NA
49	1-Nov-25	50,698.52	NA
50	1-Dec-25	50,698.52	NA
51	1-Jan-26	50,698.52	NA
52	1-Feb-26	50,698.52	NA
53	1-Mar-26	50,698.52	NA
54	1-Apr-26	50,698.52	NA
55	1-May-26	50,698.52	NA
56	1-Jun-26	50,698.52	NA
57	1-Jul-26	50,698.52	NA
58	1-Aug-26	52,219.48	NA
59	1-Sep-26	52,219.48	NA
60	1-Oct-26	52,219.48	NA
61	1-Nov-26	52,219.48	NA
62	1-Dec-26	52,219.48	NA
63	1-Jan-27	52,219.48	NA
64	1-Feb-27	52,219.48	NA
65	1-Mar-27	52,219.48	NA
66	1-Apr-27	52,219.48	NA
67	1-May-27	52,219.48	NA
68	1-Jun-27	52,219.48	NA
69	1-Jul-27	52,219.48	NA
70	1-Aug-27	53,786.06	NA
71	1-Sep-27	53,786.06	XX
00	0-Xxx-00	00,000.00	XX
00	0-Xxx-00	53,786.06	31,110.77
74	1-Dec-27	53,786.06	31,110.77
75	1-Jan-28	53,786.06	31,110.77

76	1-Feb-28	53,786.06	31,110.77
77	1-Mar-28	53,786.06	31,110.77
78	1-Apr-28	53,786.06	31,110.77
79	1-May-28	53,786.06	31,110.77
80	1-Jun-28	53,786.06	31,110.77
81	1-Jul-28	53,786.06	31,110.77
82	1-Aug-28	55,399.64	31,110.77
83	1-Sep-28	55,399.64	31,110.77
84	1-Oct-28	55,399.64	31,110.77
85	1-Nov-28	55,399.64	32,044.09
86	1-Dec-28	55,399.64	32,044.09
87	1-Jan-29	55,399.64	32,044.09
88	1-Feb-29	55,399.64	32,044.09
89	1-Mar-29	55,399.64	32,044.09
90	1-Apr-29	55,399.64	32,044.09
91	1-May-29	55,399.64	32,044.09
92	1-Jun-29	55,399.64	32,044.09
93	1-Jul-29	55,399.64	32,044.09
94	1-Aug-29	57,061.63	32,044.09
95	1-Sep-29	57,061.63	32,044.09
96	1-Oct-29	57,061.63	32,044.09
97	1-Nov-29	57,061.63	33,005.41
98	1-Dec-29	57,061.63	33,005.41
99	1-Jan-30	57,061.63	33,005.41
100	1-Feb-30	57,061.63	33,005.41
101	1-Mar-30	57,061.63	33,005.41
102	1-Apr-30	57,061.63	33,005.41
103	1-May-30	57,061.63	33,005.41
104	1-Jun-30	57,061.63	33,005.41
105	1-Jul-30	57,061.63	33,005.41
106	1-Aug-30	58,773.48	33,005.41
107	1-Sep-30	58,773.48	33,005.41
108	1-Oct-30	58,773.48	33,005.41
109	1-Nov-30	58,773.48	33,995.57
110	1-Dec-30	58,773.48	33,995.57
111	1-Jan-31	58,773.48	33,995.57
112	1-Feb-31	58,773.48	33,995.57
113	1-Mar-31	58,773.48	33,995.57
114	1-Apr-31	58,773.48	33,995.57

115	1-May-31	58,773.48	33,995.57
116	1-Jun-31	58,773.48	33,995.57
117	1-Jul-31	58,773.48	33,995.57
118	1-Aug-31	60,536.69	33,995.57
119	1-Sep-31	60,536.69	33,995.57
120	1-Oct-31	60,536.69	33,995.57
121	1-Nov-31	60,536.69	35,015.44
122	1-Dec-31	60,536.69	35,015.44
123	1-Jan-32	60,536.69	35,015.44
124	1-Feb-32	60,536.69	35,015.44
125	1-Mar-32	60,536.69	35,015.44
126	1-Apr-32	60,536.69	35,015.44
127	1-May-32	60,536.69	35,015.44
128	1-Jun-32	60,536.69	35,015.44
129	1-Jul-32	60,536.69	35,015.44
130	1-Aug-32	62,352.79	35,015.44
131	1-Sep-32	62,352.79	35,015.44
132	1-Oct-32	62,352.79	35,015.44
133	1-Nov-32	62,352.79	36,065.90
134	1-Dec-32	62,352.79	36,065.90
135	1-Jan-33	62,352.79	36,065.90
136	1-Feb-33	62,352.79	36,065.90
137	1-Mar-33	62,352.79	36,065.90
138	1-Apr-33	62,352.79	36,065.90
139	1-May-33	62,352.79	36,065.90
140	1-Jun-33	62,352.79	36,065.90
141	1-Jul-33	62,352.79	36,065.90
142	1-Aug-33	64,223.37	36,065.90
143	1-Sep-33	64,223.37	36,065.90
144	1-Oct-33	64,223.37	36,065.90
145	1-Nov-33	64,223.37	37,147.88
146	1-Dec-33	64,223.37	37,147.88
147	1-Jan-34	64,223.37	37,147.88
148	1-Feb-34	64,223.37	37,147.88
149	1-Mar-34	64,223.37	37,147.88
150	1-Apr-34	64,223.37	37,147.88
151	1-May-34	64,223.37	37,147.88
152	1-Jun-34	64,223.37	37,147.88
153	1-Jul-34	64,223.37	37,147.88

154	1-Aug-34	66,150.07	37,147.88
155	1-Sep-34	66,150.07	37,147.88
156	1-Oct-34	66,150.07	37,147.88
157	1-Nov-34	66,150.07	38,262.32
158	1-Dec-34	66,150.07	38,262.32
159	1-Jan-35	66,150.07	38,262.32
160	1-Feb-35	66,150.07	38,262.32
161	1-Mar-35	66,150.07	38,262.32
162	1-Apr-35	66,150.07	38,262.32
163	1-May-35	66,150.07	38,262.32
164	1-Jun-35	66,150.07	38,262.32
165	1-Jul-35	66,150.07	38,262.32
166	1-Aug-35	68,134.57	38,262.32
167	1-Sep-35	68,134.57	38,262.32
168	1-Oct-35	68,134.57	38,262.32
169	1-Nov-35	68,134.57	39,410.19
170	1-Dec-35	68,134.57	39,410.19
171	1-Jan-36	68,134.57	39,410.19
172	1-Feb-36	68,134.57	39,410.19
173	1-Mar-36	68,134.57	39,410.19
174	1-Apr-36	68,134.57	39,410.19
175	1-May-36	68,134.57	39,410.19
176	1-Jun-36	68,134.57	39,410.19
177	1-Jul-36	68,134.57	39,410.19
178	1-Aug-36	70,178.61	39,410.19
179	1-Sep-36	70,178.61	39,410.19
180	1-Oct-36	70,178.61	39,410.19
181	1-Nov-36	70,178.61	40,592.49
182	1-Dec-36	70,178.61	40,592.49
183	1-Jan-37	70,178.61	40,592.49
184	1-Feb-37	70,178.61	40,592.49
185	1-Mar-37	70,178.61	40,592.49
186	1-Apr-37	70,178.61	40,592.49
187	1-May-37	70,178.61	40,592.49
188	1-Jun-37	70,178.61	40,592.49
189	1-Jul-37	70,178.61	40,592.49
190	1-Aug-37	72,283.97	40,592.49
191	1-Sep-37	72,283.97	40,592.49
192	1-Oct-37	72,283.97	40,592.49

193	1-Nov-37	72,283.97	41,810.27
194	1-Dec-37	72,283.97	41,810.27
195	1-Jan-38	72,283.97	41,810.27
196	1-Feb-38	72,283.97	41,810.27
197	1-Mar-38	72,283.97	41,810.27
198	1-Apr-38	72,283.97	41,810.27
199	1-May-38	72,283.97	41,810.27
200	1-Jun-38	72,283.97	41,810.27
201	1-Jul-38	72,283.97	41,810.27
202	1-Aug-38	74,452.49	41,810.27
203	1-Sep-38	74,452.49	41,810.27
204	1-Oct-38	74,452.49	41,810.27
205	1-Nov-38	74,452.49	43,064.57
206	1-Dec-38	74,452.49	43,064.57
207	1-Jan-39	74,452.49	43,064.57
208	1-Feb-39	74,452.49	43,064.57
209	1-Mar-39	74,452.49	43,064.57
210	1-Apr-39	74,452.49	43,064.57
211	1-May-39	74,452.49	43,064.57
212	1-Jun-39	74,452.49	43,064.57
213	1-Jul-39	74,452.49	43,064.57
214	1-Aug-39	76,686.06	43,064.57
215	1-Sep-39	76,686.06	43,064.57
216	1-Oct-39	76,686.06	43,064.57
217	1-Nov-39	76,686.06	44,356.51
218	1-Dec-39	76,686.06	44,356.51
219	1-Jan-40	76,686.06	44,356.51
220	1-Feb-40	76,686.06	44,356.51
221	1-Mar-40	76,686.06	44,356.51
222	1-Apr-40	76,686.06	44,356.51
223	1-May-40	76,686.06	44,356.51
224	1-Jun-40	76,686.06	44,356.51
225	1-Jul-40	76,686.06	44,356.51
226	1-Aug-40	78,986.65	44,356.51
227	1-Sep-40	78,986.65	44,356.51
228	1-Oct-40	78,986.65	44,356.51
229	1-Nov-40	78,986.65	45,687.21
230	1-Dec-40	78,986.65	45,687.21
231	1-Jan-41	78,986.65	45,687.21
232	1-Feb-41	78,986.65	45,687.21
233	1-Mar-41	78,986.65	45,687.21
234	1-Apr-41	78,986.65	45,687.21
235	1-May-41	78,986.65	45,687.21
236	1-Jun-41	78,986.65	45,687.21
237	1-Jul-41	78,986.65	45,687.21
238	1-Aug-41	81,356.24	45,687.21
239	1-Sep-41	81,356.24	45,687.21
240	1-Oct-41	81,356.24	45,687.21

Option Period 1:

241	1-Nov-41	81,356.24	47,057.82
242	1-Dec-41	81,356.24	47,057.82
243	1-Jan-42	81,356.24	47,057.82
244	1-Feb-42	81,356.24	47,057.82
245	1-Mar-42	81,356.24	47,057.82
246	1-Apr-42	81,356.24	47,057.82
247	1-May-42	81,356.24	47,057.82
248	1-Jun-42	81,356.24	47,057.82
249	1-Jul-42	81,356.24	47,057.82
250	1-Aug-42	83,796.93	47,057.82
251	1-Sep-42	83,796.93	47,057.82
252	1-Oct-42	83,796.93	47,057.82
253	1-Nov-42	83,796.93	48,469.56
254	1-Dec-42	83,796.93	48,469.56
255	1-Jan-43	83,796.93	48,469.56
256	1-Feb-43	83,796.93	48,469.56
257	1-Mar-43	83,796.93	48,469.56
258	1-Apr-43	83,796.93	48,469.56
259	1-May-43	83,796.93	48,469.56
260	1-Jun-43	83,796.93	48,469.56
261	1-Jul-43	83,796.93	48,469.56
262	1-Aug-43	86,310.84	48,469.56
263	1-Sep-43	86,310.84	48,469.56
264	1-Oct-43	86,310.84	48,469.56
265	1-Nov-43	86,310.84	49,923.64
266	1-Dec-43	86,310.84	49,923.64
267	1-Jan-44	86,310.84	49,923.64

268	1-Feb-44	86,310.84	49,923.64
269	1-Mar-44	86,310.84	49,923.64
270	1-Apr-44	86,310.84	49,923.64
271	1-May-44	86,310.84	49,923.64
272	1-Jun-44	86,310.84	49,923.64
273	1-Jul-44	86,310.84	49,923.64
274	1-Aug-44	88,900.17	49,923.64
275	1-Sep-44	88,900.17	49,923.64
276	1-Oct-44	88,900.17	49,923.64
277	1-Nov-44	88,900.17	51,421.35
278	1-Dec-44	88,900.17	51,421.35
279	1-Jan-45	88,900.17	51,421.35
280	1-Feb-45	88,900.17	51,421.35
281	1-Mar-45	88,900.17	51,421.35
282	1-Apr-45	88,900.17	51,421.35
283	1-May-45	88,900.17	51,421.35
284	1-Jun-45	88,900.17	51,421.35
285	1-Jul-45	88,900.17	51,421.35
286	1-Aug-45	91,567.17	51,421.35
287	1-Sep-45	91,567.17	51,421.35
288	1-Oct-45	91,567.17	51,421.35
289	1-Nov-45	91,567.17	52,963.99
290	1-Dec-45	91,567.17	52,963.99
291	1-Jan-46	91,567.17	52,963.99
292	1-Feb-46	91,567.17	52,963.99
293	1-Mar-46	91,567.17	52,963.99
294	1-Apr-46	91,567.17	52,963.99
295	1-May-46	91,567.17	52,963.99
296	1-Jun-46	91,567.17	52,963.99
297	1-Jul-46	91,567.17	52,963.99
298	1-Aug-46	94,314.19	52,963.99
299	1-Sep-46	94,314.19	52,963.99
300	1-Oct-46	94,314.19	52,963.99

Option Period 2:

301	1-Nov-46	94,314.19	54,552.91
302	1-Dec-46	94,314.19	54,552.91
303	1-Jan-47	94,314.19	54,552.91
304	1-Feb-47	94,314.19	54,552.91
305	1-Mar-47	94,314.19	54,552.91
306	1-Apr-47	94,314.19	54,552.91
307	1-May-47	94,314.19	54,552.91
308	1-Jun-47	94,314.19	54,552.91
309	1-Jul-47	94,314.19	54,552.91
310	1-Aug-47	97,143.61	54,552.91
311	1-Sep-47	97,143.61	54,552.91
312	1-Oct-47	97,143.61	54,552.91
313	1-Nov-47	97,143.61	56,189.50
314	1-Dec-47	97,143.61	56,189.50
315	1-Jan-48	97,143.61	56,189.50
316	1-Feb-48	97,143.61	56,189.50
317	1-Mar-48	97,143.61	56,189.50
318	1-Apr-48	97,143.61	56,189.50
319	1-May-48	97,143.61	56,189.50
320	1-Jun-48	97,143.61	56,189.50
321	1-Jul-48	97,143.61	56,189.50
322	1-Aug-48	100,057.92	56,189.50
323	1-Sep-48	100,057.92	56,189.50
324	1-Oct-48	100,057.92	56,189.50
325	1-Nov-48	100,057.92	57,875.19
326	1-Dec-48	100,057.92	57,875.19
327	1-Jan-49	100,057.92	57,875.19
328	1-Feb-49	100,057.92	57,875.19
329	1-Mar-49	100,057.92	57,875.19
330	1-Apr-49	100,057.92	57,875.19
331	1-May-49	100,057.92	57,875.19
332	1-Jun-49	100,057.92	57,875.19
333	1-Jul-49	100,057.92	57,875.19
334	1-Aug-49	103,059.66	57,875.19
335	1-Sep-49	103,059.66	57,875.19
336	1-Oct-49	103,059.66	57,875.19
337	1-Nov-49	103,059.66	59,611.44
338	1-Dec-49	103,059.66	59,611.44
339	1-Jan-50	103,059.66	59,611.44
340	1-Feb-50	103,059.66	59,611.44
341	1-Mar-50	103,059.66	59,611.44
342	1-Apr-50	103,059.66	59,611.44
343	1-May-50	103,059.66	59,611.44
344	1-Jun-50	103,059.66	59,611.44
345	1-Jul-50	103,059.66	59,611.44
346	1-Aug-50	106,151.45	59,611.44
347	1-Sep-50	106,151.45	59,611.44
348	1-Oct-50	106,151.45	59,611.44
349	1-Nov-50	106,151.45	61,399.79
350	1-Dec-50	106,151.45	61,399.79
351	1-Jan-51	106,151.45	61,399.79
352	1-Feb-51	106,151.45	61,399.79
353	1-Mar-51	106,151.45	61,399.79
354	1-Apr-51	106,151.45	61,399.79
355	1-May-51	106,151.45	61,399.79
356	1-Jun-51	106,151.45	61,399.79
357	1-Jul-51	106,151.45	61,399.79
358	1-Aug-51	109,335.99	61,399.79
359	1-Sep-51	109,335.99	61,399.79
360	1-Oct-51	109,335.99	61,399.79

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Table of Contents

FIRST AMENDMENT TO LEASE AGREEMENT

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