Document:

Exhibit 10.1

 

EXCLUSIVE OPTION AGREEMENT FOR THE PURCHASE
OF REAL PROPERTY

 

This EXCLUSIVE OPTION AGREEMENT
FOR THE PURCHASE OF REAL PROPERTY (this “Agreement”) is entered into as of the Effective Date by and between FL MI
RE 22, LLC, a Michigan limited liability company (“Optionor”) and ZP RE MI WOODWARD, LLC, a Michigan limited liability
company (“Optionee”), with reference to the following background:

 

A.      
Woodward Avenue Ventures, LLC, a Michigan limited liability company (“23600 Seller”) owns certain real property and
improvements located at 23600 Woodward Avenue, Ferndale, Michigan 48220 (Parcel No. 25-27-181-006), which is legally described on Exhibit
A-1 attached hereto (the “23600 Property”). The 23600 Seller and Optionor previously entered into the following
agreements with respect to the 23600 Property: (i) Buy and Sell Agreement dated on or about October 13, 2021 (the “First 23600
Purchase Agreement”), (ii) Buy and Sell Agreement dated on or about June 24, 2022 (the “Second 23600 Purchase Agreement”),
(iii) Addendum #1 to that Buy and Sell Agreement dated on or about June 24, 2022 (the “Addendum 1 to Second 23600 Purchase Agreement”),
and (iv) Buy and Sell Agreement dated on or about September 28, 2022 (the “Third 23600 Purchase Agreement”). Upon the
23600 Seller entering into the Third 23600 Purchase Agreement, the First 23600 Purchase Agreement, Second 23600 Purchase Agreement and
Addendum 1 to Second 23600 Purchase Agreement terminated and of are no further force or effect.

 

B.      
Thomas A. Pearlman, as trustee of the Thomas A. Pearlman Revocable Trust (“23616 Seller”) owns certain real property
and improvements located at 23616 and 23622 Woodward Avenue, Pleasant Ridge, Michigan 48069 (Parcel Nos. 25-27-181-004 and 005), which
is legally described on Exhibit A-2 attached hereto (the “23616 Property”). The 23616 Seller and Assignor previously
entered into the following agreements with respect to the 23616 Property: (i) Buy and Sell Agreement dated September 8, 2021 (the “23616
Initial Purchase Agreement”), (ii) Addendum #2 dated March 3, 2022 to that Buy and Sell Agreement dated September 8, 2021 (“Addendum
2 to 23616 Purchase Agreement”), (iii) Addendum #3 dated July 12, 2022 to that Buy and Sell Agreement dated September 8, 2021
(“Addendum 3 to 23616 Purchase Agreement”), (iv) Addendum #4 dated September 28, 2022 to that Buy and Sell Agreement
dated September 8, 2021 (“Addendum 4 to 23616 Purchase Agreement”), and (v) Addendum #5 dated November 3, 2022 to that
Buy and Sell Agreement dated September 8, 2021 (“Addendum 5 to 23616 Purchase Agreement” and collectively with 23616
Initial Purchase Agreement, Addendum 2 to 23616 Purchase Agreement, Addendum 3 to 23616 Purchase Agreement, Addendum 4 to 23616 Purchase
Agreement and Addendum 5 to 23616 Purchase Agreement, the “23616 Purchase Agreement”).

 

C.
Concurrently with the execution of this Agreement, Optionor is acquiring the 23616 Property and thereafter will own fee simple title to
the 23616 Property, subject to the land contract between the 23616 Seller and Optionor.

 

D.
Gangnier Investments, LLC, a Michigan limited liability company (“23634 Seller” and collectively with the 23600 Seller
and the 23616 Seller, the “Sellers”) owns certain real property and improvements located at 23634 Woodward Avenue,
Pleasant Ridge, Michigan 48069 (Parcel Nos. 25-27-181-003), which is legally described on Exhibit A-3 attached hereto (the “23634
Property” and collectively with the 23600 Property and the 23616 Property, the “Properties”). The 23634 Seller
and Assignor previously entered into the following agreements with respect to the 23634 Property: (i) Buy and Sell Agreement dated March
17, 2022 (the “23634 Initial Purchase Agreement”), (ii) Addendum #1 dated October 17, 2022 to that Buy and Sell Agreement
dated March 17, 2022 (“Addendum 2 to 23634 Purchase Agreement” and together with the 23634 Initial Purchase Agreement,
the “23634 Purchase Agreement”).

 

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E.      
Optionor has an equitable interest in the Properties and desires to grant Optionee the right to acquire the Properties, or take assignment
of its equitable interest in the Properties, as applicable, pursuant to this Agreement.

 

NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, and for the mutual covenants contained
herein, Optionor and Optionee agree as follows:

 

basic
Option provisions

 

	EFFECTIVE DATE	December 1, 2022
	 	 
	OPTIONOR ADDRESS	
    PO Box 1927

    Birmingham, MI 48012

    

	OPTIONEE ADDRESS	
    8360 E. Raintree Dr., Ste. 230

    Scottsdale, Arizona 85260

    

	PROPERTIES	Defined above
	 	 
	OPTION PERIOD	The period commencing upon the Effective Date and expiring at 11:59 pm Arizona time on the 90th day following the Effective Date.
	OPTION PAYMENT	$437,153.66
	PURCHASE PRICE	$1,020,000.00

 

LIST OF EXHIBITS

EXHIBIT A-1, A-2, and A-3 – Legal Description
of the Properties

EXHIBIT B – Promissory Note

 

AGREEMENT

 

1.      
Grant of Exclusive Option. Optionor hereby grants to Optionee the exclusive and irrevocable option (the “Option”)
to purchase the Properties in accordance with this Agreement. The period during which the Option may be exercised shall commence on the
Effective Date and continue until the expiration of the Option Period as described in the Basic Option Provisions.

 

2.      
Option Payments/Exercise. Optionee shall pay the first Option Payment to Optionor on the same date this Agreement is executed.
If Optionee does not timely pay the Option Payment, this Agreement shall terminate and neither party shall have any further right or obligation
hereunder. Optionee may exercise the Option at any time during the Option Period, by delivering to Optionor a written notice exercising
the Option (the “Option Notice”).

 

3.      
23600 Property. Optionor shall execute a purchase agreement with the 23600 Seller for a purchase price equal to $900,000.00
within ten (10) days following the Effective Date in substantially the same form as the Third 23600 Purchase Agreement, except the closing
date thereunder shall be February 15, 2023 and shall permit assignment to Optionee (the “New 23600 Purchase Agreement”).
Optionor shall give Optionee prompt notice and a copy of the executed New 23600 Purchase Agreement.

 

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4.      
23634 Property. Optionor shall cause the 23634 Seller to consent to the assignment of the 23634 Purchase Agreement from
Optionor to Optionee within ten (10) days following the Effective Date. Optionor shall give Optionee prompt notice and a copy of the assignment
document.

 

5.      
Acts Upon Exercise. If Optionee exercises its Option, Optionor agrees to sell and Optionee agrees to buy the Properties
or Optionor’s rights therein and both parties agree to execute contracts acceptable to Optionee to: (i) sell Optionee the 23616
Property, (ii) assign to Optionee all its rights in the 23600 Property and 23600 Purchase Agreement, and (iii) assign to Optionee all
its rights in the 23634 Property and 23634 Purchase Agreement, all in consideration of the Purchase Price. The “Closing”
shall be the time and act of consummating the foregoing actions, which shall occur not more than fifteen (15) days following the exercise
of the Option. At Closing, the Lease Agreement for the Properties between Rapid Fish 2 LLC, as tenant, and Optionee, as landlord, shall
be in effect.

 

6.      
Assumption of Land Contracts. The parties acknowledge the 23616 Property, once acquired by Optionor, and the right of Optionor
under the 23634 Purchase Agreement as to the 23634 Property, contain land contracts where the 23616 Seller and 23634 Seller have agreed
to receive the purchase price for such properties over time. Optionor shall have the right to assume the rights and obligations of Optionee
under said land contracts. If any of the Properties’ associated land contracts cannot be transferred to Optionee at the Closing,
Optionor and Optionee shall use commercially reasonable efforts to enter into such arrangements (such as subleasing, sublicensing or subcontracting)
to provide to the parties the economic and, to the extent permitted under applicable law, operational equivalent of the transfer of such
Properties to Optionee as of the Closing and the performance of the obligations with respect thereto. Optionee shall, as applicable, as
agent of Optionor pay, perform, and discharge fully the liabilities and obligations of Optionor thereunder from and after the Closing.
To the extent permitted under applicable law, Optionor shall hold in trust for and pay to Optionee promptly upon receipt thereof, such
Properties and all income, proceeds and other monies received by Seller to the extent related to such Properties, additionally, Optionor
shall make all records associated with the foregoing, as possible, available to Optionee at any and all times.

 

7.      
Promissory Note. As a condition of agreeing to enter into this Agreement, Optionee has required the Optionor to cause the
parties to that certain Promissory Note attached hereto as Exhibit B (the “Note”) to execute the Note in favor
of Optionee. The parties acknowledge that execution and delivery of the Note by the parties thereto is material to Optionee’s willingness
to enter into this Agreement and the other documents ancillary to the transactions referenced herein and therein (including all agreements
related to the Properties), and Optionee would not have done so but for the execution and delivery of the Note. The Note shall be contingent
and not effective unless and until Optionee elects to enforce the terms thereof, which may only occur in an event of default by Optionor
under this Agreement.

 

8.      
Default. Each of the following events shall constitute an event of default by the applicable party and shall permit the
non-defaulting party to terminate this Agreement and pursue the remedies described herein, which, as to Optionor, shall consist solely
of the remedies described below, and, as to Optionee, shall consist of all other remedies at law or equity, including, but not limited
to, specific performance of Optionor’s obligations under this Agreement, enforcement of the Note, or to terminate this Agreement
and recover all Option Payments paid to Optionor.

 

(i)      
The failure of either party to perform any of the other terms, agreements or conditions set forth in this Agreement, where such failure
continues for five (5) days after receipt of written notice from the other party; or

 

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(ii)
A party files for bankruptcy or has an involuntary petition in bankruptcy or a request for appointment of a receiver filed against it,
where such involuntary petition or request is not dismissed within ninety (90) days after filing.

 

9.      
Miscellaneous.

 

(a)     
Attorneys’ Fees. In the event of any action between the parties hereto for enforcement or interpretation of any of
the terms or conditions of this Agreement, the prevailing party in such action shall be entitled to recover its reasonable attorneys’
fees, together with its other reasonable out-of-pocket costs and expenses, including expert witness fees, accounting and other professional
fees.

 

(b)     
Waiver of Jury Trial. EACH PARTY HERETO WAIVES, TO THE FULL EXTENT PERMITTED BY LAW, THE RIGHT TO A JURY TRIAL IN ANY LITIGATION
CONCERNING THIS AGREEMENT OR ANY DEFENSE, CLAIM, COUNTERCLAIM, CLAIM OF SET-OFF OR SIMILAR CLAIM OF ANY NATURE.

 

(c)
Counterparts. This Agreement may be executed in counterparts. All executed counterparts shall constitute one agreement,
and each counterpart shall be deemed an original.

 

(d)     
No Waiver. The failure of either party to require strict performance by the other party of any provision of this Agreement
will not be considered a waiver of any other provision, nor prevent any party from enforcing that or any other performance at any time
thereafter.

 

(e)     
Further Assurances. The parties shall at their own cost and expense execute and deliver such further documents and instruments
and shall take such other actions as may be reasonably required or appropriate to carry out the intent and purposes of this Agreement.

 

(f)      
Governing Law. This Agreement is made pursuant to, and shall be construed and enforced in accordance with, the laws of the
state where the Property is located.

 

(g)     
Amendments; Entire Agreement. This Agreement contains the entire agreement between the parties and is intended by the parties
to set forth their entire agreement with respect to the subject matter hereof, and any agreement hereafter made shall be ineffective to
change, modify or discharge this Agreement, in whole or in part, unless such agreement is in writing and signed by the party against whom
enforcement of the change, modification or discharge is sought. Optionor and Optionee agree that all prior or contemporaneous oral or
written agreements between or amongst themselves or their agents are merged in or revoked by this Agreement.

 

(h)     
Partial Invalidity. If any term or provision of this Agreement is, to any extent, determined by a court of competent jurisdiction
to be invalid or unenforceable, the remainder of this Agreement shall not be affected thereby, and each remaining term and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

(i)      
Successors and Assigns. This Agreement, and the rights and obligations of the parties hereto, shall be binding upon and
inure to the benefit of the parties and their respective successors, heirs, executors, administrators and permitted assigns.

 

(j)      
Interpretation. Each party acknowledges that it has been represented by or had the opportunity to be represented by legal
counsel in its review of this Agreement and that any rule of construction to the effect that ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of this Agreement or any amendments or exhibits hereto.

 

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(k)
Survival of Terms. All covenants, representations and warranties contained in this Agreement shall survive Closing. Those
provisions in this Agreement which by their terms are intended to be or must be performed in whole or in part after the Closing or after
termination of this Agreement shall survive Closing and the termination of this Agreement.

 

(l)      
Time is of the Essence. Time is of the essence.

 

(m)
Memorandum of Option. Within thirty (30) days of Optionee’s request, the parties shall execute and acknowledge a Memorandum
of Option to Purchase Agreement to be recorded in the official records of the county where the Property is located (the “Memorandum”)
in the form acceptable to Optionee.

 

(n)     
Notices. All notices, approvals, disapprovals or elections required or permitted to be given under this Agreement shall
be in writing and shall be (i) delivered personally; (ii) mailed by certified or registered mail, return receipt requested; (iii) sent
by email transmission; or (iv) sent by Federal Express or other professional carrier, to the parties at the addresses listed in the Basic
Option Provisions or at such other addresses as designated by Optionee or Optionor in writing. Except as expressly set forth in this Agreement,
notices shall be deemed given upon delivery or tender of delivery to the intended recipient; provided, however, that (x)
notice sent by email shall only be deemed received when both (A) the sender has electronic confirmation that it was sent to all parties
(and has retained a confirmation of the delivery) and (B) the sender did not receive any failure, rejection or similar message
from the email server; and (y) if a post office box is provided as the notice address, notice shall be deemed to have been given or made
five (5) days after being deposited in the United States mail with appropriate postage prepaid.

 

[SIGNATURE PAGE TO FOLLOW]

 

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IN WITNESS WHEREOF, and intending to be bound
hereby, the parties hereto have executed this Agreement on the date written above.

 

	 	“Optionor”
	 	 	 
	 	FL MI RE 22, LLC, a Michigan limited liability company
	 	 	 
	 	By:	/s/ Thomas Nafso
	 	Name:  	Thomas Nafso
	 	Its:	Authorized Signatory

 

	 	“Optionee”
	 	 	 
	 	ZP RE MI WOODWARD, LLC
	 	a Michigan limited liability company
	 	 	 
	 	By:	/s/ Bryan
    McLaren
	 	Name: 	Bryan McLaren
	 	Title:	Authorized signatory

 

Signature Page to Option to Purchase Agreement

 

     

     

    

 

Exhibit A-1

 

Legal Description of 23600 Property

 

Land situated in the City of Ferndale, County
of Oakland, State of Michigan to wit:

 

Lots 57, 58, 59 and 60, WOODWARD HEIGHTS SUBDIVISION
NO. 2, according to the recorded plat thereof as recorded in Liber 10 of Plats, Page 27, Oakland County Records.

 

     

     

    

 

Exhibit A-2

 

Legal Description of 23616 Property

 

Land situated in the City of Pleasant Ridge, County
of Oakland, State of Michigan to wit:

 

Lots 61, 62, 63 and 64 of Woodland Heights Subdivision
No. 2, according to the plat thereof as recorded in Liber 10 of Plats, Page 27, Oakland County Records

 

     

     

    

 

Exhibit A-3

 

Legal Description of 23634 Property

 

Land situated in the City of Pleasant Ridge, County
of Oakland, State of Michigan

 

Lots 65 and 66, except the part of Lot 66 beginning
at the Northwesterly corner of Lot 66, thence Easterly along the North line of said Lot 29.09 feet; thence Westerly along the South face
of the building wall 29 feet more or less; thence Northerly along the Easterly line of Woodward Avenue 0.45 of a foot to the point of
beginning of Woodward Heights Subdivision No.2, according to the plat thereof as recorded in Liber 10, Page 27 of Plats, Oakland County
Records

 

     

     

    

 

Exhibit B

Promissory Note

 

[see attached pages]

 

ExhibitExhibit 10.2

 

MASTER AGREEMENT FOR PURCHASE AND SALE

(23600, 23616, 23622 and 23634
Woodward Avenue, Pleasant Ridge, MI 48069)

 

This Master Agreement for
Purchase and Sale (this “Agreement”) by and between FL MI RE 22, LLC, a Michigan limited liability company (“Assignor”),
Thomas Nafso (“TN”), Ammar Kattoula (“AK”) and ZP RE MI WOODWARD, LLC, a Michigan limited liability
company (“Assignee”) is effective as of November __, 2022 (the “Effective Date”).

 

RECITALS

 

A.   Woodward
Avenue Ventures, LLC, a Michigan limited liability company (“23600 Seller”) owns certain real property and improvements
located at 23600 Woodward Avenue, Ferndale, Michigan 48220 (Parcel No. 25-27-181-006), which is legally described on Exhibit A-1
attached hereto (the “23600 Property”). The 23600 Seller and Assignor previously entered into the following agreements
with respect to the 23600 Property: (i) Buy and Sell Agreement dated on or about October 13, 2021 (the “First 23600 Purchase
Agreement”), (ii) Buy and Sell Agreement dated on or about June 24, 2022 (the “Second 23600 Purchase Agreement”),
(iii) Addendum #1 to that Buy and Sell Agreement dated on or about June 24, 2022 (the “Addendum 1 to Second 23600 Purchase Agreement”),
and (iv) Buy and Sell Agreement dated on or about September 28, 2022 (the “Third 23600 Purchase Agreement”). Upon the
23600 Seller entering into the Third 23600 Purchase Agreement, the First 23600 Purchase Agreement, Second 23600 Purchase Agreement and
Addendum 1 to Second 23600 Purchase Agreement terminated and of are no further force or effect.

 

B.   Thomas
A. Pearlman, as trustee of the Thomas A. Pearlman Revocable Trust (“23616 Seller”) owns certain real property and improvements
located at 23616 and 23622 Woodward Avenue, Pleasant Ridge, Michigan 48069 (Parcel Nos. 25-27-181-004 and 005), which is legally described
on Exhibit A-2 attached hereto (the “23616 Property”). The 23616 Seller and Assignor previously entered into
the following agreements with respect to the 23616 Property: (i) Buy and Sell Agreement dated September 8, 2021 (the “23616 Initial
Purchase Agreement”), (ii) Addendum #2 dated March 3, 2022 to that Buy and Sell Agreement dated September 8, 2021 (“Addendum
2 to 23616 Purchase Agreement”), (iii) Addendum #3 dated July 12, 2022 to that Buy and Sell Agreement dated September 8, 2021
(“Addendum 3 to 23616 Purchase Agreement”), (iv) Addendum #4 dated September 28, 2022 to that Buy and Sell Agreement
dated September 8, 2021 (“Addendum 4 to 23616 Purchase Agreement”), and (v) Addendum #5 dated November 3, 2022 to that
Buy and Sell Agreement dated September 8, 2021 (“Addendum 5 to 23616 Purchase Agreement” and collectively with 23616
Initial Purchase Agreement, Addendum 2 to 23616 Purchase Agreement, Addendum 3 to 23616 Purchase Agreement, Addendum 4 to 23616 Purchase
Agreement and Addendum 5 to 23616 Purchase Agreement, the “23616 Purchase Agreement”).

 

C.   Gangnier
Investments, LLC, a Michigan limited liability company (“23634 Seller” and collectively with the 23600 Seller and the
23616 Seller, the “Sellers”) owns certain real property and improvements located at 23634 Woodward Avenue, Pleasant
Ridge, Michigan 48069 (Parcel Nos. 25-27-181-003), which is legally described on Exhibit A-3 attached hereto (the “23634
Property” and collectively with the 23600 Property and the 23616 Property, the “Properties”). The 23634 Seller
and Assignor previously entered into the following agreements with respect to the 23634 Property: (i) Buy and Sell Agreement dated March
17, 2022 (the “23634 Initial Purchase Agreement”), (ii) Addendum #1 dated October 17, 2022 to that Buy and Sell Agreement
dated March 17, 2022 (“Addendum 2 to 23634 Purchase Agreement” and together with the 23634 Initial Purchase Agreement,
the “23634 Purchase Agreement”).

 

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D.   Pursuant
to the terms of this Agreement, Assignor desires to sell, convey, assign, transfer and deliver to Assignee, and Assignee desires to acquire
from Assignor, all of Assignor’s right, title and interest in and to the 23616 Purchase Agreement, the 23616 Property, the 23634
Purchase Agreement and the 23634 Property (collectively, the “Assigned Contract and Assigned Rights”) and Assignee
desires to acquire the Assigned Contract and Assigned Rights from Assignor.

 

E.   Concurrently
with the Closing under this Agreement, Assignee will enter into that certain Buy and Sell Agreement with the 23600 Seller attached hereto
as Exhibit B, for the purchase and sale of the 23600 Property for the sum of $850,000 (the “New 23600 Purchase Agreement”).

 

F.   The
First 23600 Purchase Agreement, Second 23600 Purchase Agreement, Addendum 1 to Second 23600 Purchase Agreement, Third 23600 Purchase Agreement,
New 23600 Purchase Agreement, 23616 Purchase Agreement and 23634 Purchase Agreement are collectively referred to as the “Purchase
Agreements”.

 

AGREEMENTS

 

In consideration of the recitals
and the mutual covenants set forth below, the parties agree as follows:

 

1.   Assignment
Fee; Other Compensation. Provided that the Conditions Precedent (defined below) are satisfied, Assignee agrees to pay the applicable
party, through the escrow, the following amounts at the time stated in Section 2 (and subject in all respects to the Conditions Precedent
and other provisions of this Agreement):

 

(a)   $420,000
to Assignor for the total amount of earnest money deposits Assignor has made under the Purchase Agreements (the “Deposits”);

 

(b)   $200,000
to the 23600 Seller as a deposit toward the purchase of the 23600 Property pursuant to the New 23600 Purchase Agreement (the “Hertz
Lot Fee”); and

 

(c)   $600,000
to Assignor (the “Assignment Fee”) for the assignment of the Assigned Contract and Assigned Rights contemplated in
this Agreement.

 

2.   Timing
of Payments. The deposits made by Assignee in accordance with the terms of Section 1 shall be paid to the respective person at the
times and in the manner set forth below, subject in all respects to the Conditions Precedent and other provisions of this Agreement:

 

(a)   The
Deposits and the Hertz Lot Fee shall be due at Closing (defined below). The Deposits shall be paid to Assignor through Birmingham Title
Agency, liz@birminghamtitle.net, 26000 West 12 Mile Rd, Southfield, MI 48034, (248) 633-2737 (“Escrow Agent”).

 

(b)   The
Hertz Lot Fee shall be paid to the 23600 Seller through Escrow Agent concurrently with the execution of the New 23600 Purchase Agreement,
provided that the Hertz Lot Fee shall be paid no earlier than the Closing.

 

(c)   The
Assignment Fee shall be paid to Assignor following satisfaction of all Conditions Precedent.

 

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3.   Closing
Date. Unless this Agreement is sooner terminated, and subject to the Conditions Precedent and terms of this Agreement, the closing
of the transactions contemplated by this Agreement (“Closing”) shall occur through escrow with Escrow Agent on November
30, 2022 (the “Closing Date”).

 

4.   Closing
Documents. On or before the Closing Date, subject to the Conditions Precedent and terms of this Agreement, the applicable parties
shall deposit the referenced documents (all of the following documents, the “Closing Documents”) and funds into the
escrow maintained by Escrow Agent:

 

(a)   Assignee
shall deposit the sum of $1,515,000 into the escrow maintained by Escrow Agent, comprised of the Deposits ($420,000), the Hertz Lot Fee
($200,000), the Assignment Fee ($600,000), and the funds required pursuant to the 23616 Purchase Agreement to consummate the closing thereunder
($295,000).

 

(b)   Assignor
and Assignee shall execute and deliver to Escrow Agent an Assignment and Assumption Agreement in the form attached hereto as Exhibit
C (the “Assignment Agreement”), assigning Assignors right, title and interest in the Properties and the Purchase
Agreements to Assignee.

 

(c)   Assignee
shall execute, and Assignor shall cause the 23600 Seller to execute, the New 23600 Purchase Agreement.

 

(d)   Assignee
shall execute, and Assignor shall cause Tenant to execute, the Lease and TN and AK shall execute the Guaranty.

 

(e)   Assignor,
TN, AK (collectively, the “Repurchasers”) and Assignee shall execute that certain Real Estate Repurchase Agreement
attached hereto as Exhibit D (the “Repurchase Agreement”), whereby the Repurchasers are required to repurchase
the Properties from Assignee under certain conditions.

 

(f)   TN
and AK shall execute that certain Promissory Note attached hereto as Exhibit E (the “Note”), securing the Assignor’s,
TN and AK’s obligation to repurchase the Properties pursuant to the Repurchase Agreement.

 

(g)   Assignee
shall execute those certain Parking Agreements for parking at the 23600, and 23634 Woodward Properties with Rapid Fish 2, LLC.

 

5.   Closing
Procedures and Disbursements. At Closing (or later date as specified below), subject to the Conditions Precedent and terms of this
Agreement, Escrow Agent is instructed to take the following actions:

 

(a)   Send
the fully executed Assignment Agreement to Assignor and Assignee.

 

(b)   Send
the fully executed New 23600 Purchase Agreement to Assignee.

 

(c)   Send
the fully executed Lease and Guaranty to Assignee and Tenant.

 

(d)   Send
the fully executed Repurchase Agreement and Note to the Repurchasers and Assignee.

 

(e)   Send
the fully executed Parking Agreements to the Assignee and Tenant.

 

(f)   Disburse
the Deposits to Assignor.

 

(g)   Disburse
the Hertz Lot Fee to the 23600 Seller.

 

(h)   Disburse
the Assignment Fee to Assignor.

 

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6.   Covenants,
Representations and Warranties of Assignor. Assignor covenants, represents and warrants to Assignee that:

 

(a)   The
Purchase Agreements provided by Assignor to Assignee are true, correct and complete copy of the Purchase Agreements and that there are
no other agreements or understandings of any kind in place between Assignor and Sellers with respect to the Assignor’s purchase
of the Properties from Sellers.

 

(b)   Prior
to Closing, Assignor shall not amend or modify the Purchase Agreements without the express written consent of Assignee, which may be withheld
in Assignee’s sole discretion.

 

(c)   Assignor’s
interest in the Assigned Contract and Assigned Rights is free and clear of any security interest, pledge, restriction, encumbrance, claim,
lien or charge of any kind.

 

(d)   Assignor
is not a “foreign person,” “foreign partnership,” “foreign trust” or “foreign estate”
as those terms are defined in Section 1445 of the Internal Revenue Code.

 

(e)   Assignor
has the requisite power and authority to enter into this Agreement and all documents and agreements contemplated herein. This Agreement
and documents and agreements contemplated herein, when executed, will be duly authorized by all necessary action on the part of Assignor
and have been or will be duly executed and delivered by Assignor. Assignor’s execution, delivery and performance of this Agreement
and of the documents and agreements contemplated herein will not conflict with or result in violation of any agreement by which Assignor
is bound, any judgment, order or decree of any court or arbiter.

 

(f)   Assignor
has not received written notice nor has knowledge of any action, litigation, condemnation or proceeding of any kind pending or threatened
against Assignor or against any portion of the Properties. Assignor (A) has not applied for, or consented to, and is not is subject to
the appointment of a receiver, trustee, custodian, liquidator or other similar official for itself or for all or a substantial part of
its assets; (B) is not subject to a bankruptcy, insolvency, reorganization, liquidation, dissolution or similar proceeding, and has not
admitted in writing its inability to pay its debts as they become due; (C) has not made an assignment for the benefit of creditors; (D)
has not filed a petition or an answer seeking, consenting to, or acquiescing in a reorganization or an arrangement with creditors, or
sought to take advantage of any bankruptcy law, insolvency law or other law for the benefit of debtors; or (E) has not filed an answer
admitting the material obligations of a petition filed against it in any bankruptcy, insolvency, reorganization, liquidation, dissolution
or similar proceeding. To the best of Assignor’s knowledge, no Seller has not received written notice nor has knowledge of any action,
litigation, condemnation or proceeding of any kind pending or threatened against Seller or against any portion of the Property.

 

(g)   Neither
Assignor nor any Seller has received written notice from any governmental authority having jurisdiction over the Property of any violation
of any applicable law, rule, regulation or code of any such governmental authority which has not been cured or remedied.

 

(h)   Assignor
has not received any notice from any Seller of an actual or alleged breach or default by Assignor under any of the Purchase Agreements,
nor have any events arisen, acts committed, or omissions made which, now or with the passage of time, could cause Assignor to breach or
default any Purchase Agreement.

 

(i)   Assignor
has no knowledge of Title to the Properties being subject to any liens or encumbrances other than those shown the title insurance commitments
(such exceptions, the “Permitted Exceptions”) prepared by Birmingham Title Agency: with respect to the 23600 Property,
Order No. BT-9874 with an effective date of December 1, 2021; with respect to the 23616 Property, Order No. BT-9432 with an effective
date of August 27, 2021; and with respect to the 23634 Property, Order No. BT-9981 with an effective date of January 14, 2022 (collectively,
the “Assignor Title Commitment”).

 

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(j)   At
Closing, Assignor will execute and deliver such documentation as Escrow Agent may require to cause Escrow Agent to update the Assignor
Title Commitment to show Assignee as the proposed insured and to remove any and all exceptions or requirements relating to Assignor’s
interest in any of the Assigned Contract and Assigned Rights.

 

(k)   The
representations and warranties of Assignor in this Agreement will survive Closing.

 

7.   Assignee
Conditions. Assignee shall not be obligated to close and may terminate this Agreement by written notice to Assignor if any of the
following conditions are not satisfied at Closing (collectively, the “Conditions Precedent”):

 

(a)   Assignor
or Sellers shall not have transferred, encumbered or restricted any of the Properties or any interest therein, or created or permitted
to be created any easements on the Properties or any leasehold or other interests therein without the express written consent of Assignee.

 

(b)   Sellers
shall have consented in writing to the Assigned Contract and Assigned Rights from Assignor to Assignee.

 

(c)   Assignee
and Rapid Fish 2 LLC (“Tenant”) shall have executed an absolute triple net lease agreement (the “Lease”)
for the Properties and any ancillary documents, in form and substance acceptable to Assignee. Tenant shall have caused TN and AK to guaranty
the Lease in form and substance acceptable to Assignee (the “Guaranty”).

 

(d)   All
Closing Documents are fully executed and deposited into the escrow account maintained by the Escrow Agent.

 

(e)   The
representations and warranties made by Assignor in this Agreement shall be true in all material respects as of the Closing Date with the
same effect as though such representations and warranties had been made or given at the Closing and Assignor shall have performed and
complied in all respects with Assignor’s obligations under this Agreement which are to be performed or complied with by Assignor
prior to or at the Closing, and no default or breach by Assignor shall have occurred and be continuing.

 

(f)   Assignee
shall have received from Escrow Agent an unconditional commitment to issue to Assignee, an owner’s title policy on ALTA form as
approved by Assignee, insuring Assignee as the fee owner of the 23616 Property subject only to the Permitted Exceptions, in the total
amount of the purchase price for the 23616 Property pursuant to the 23616 Purchase Agreement, which owner’s title policy shall include
extended coverage and/or such endorsements as Assignee may request.

 

(g)   There
are no failed or unsatisfied conditions to closing under the Purchase Agreements, nor are there any breaches or defaults by the parties
thereto. The physical condition of the Properties are in substantially the same on the Closing Date as on the Effective Date.

 

In the event that
any of the foregoing conditions have not been satisfied or waived by Assignee as of the scheduled Closing Date and provided the failure
to satisfy or waive any such condition is not attributable to a breach or default of this Agreement by Assignee, Assignee shall have the
right to terminate this Agreement.

 

    5

     

    

 

8.   Brokers.
Assignor represents and warrants to Assignee that in connection with the transaction between Assignor and Assignee contemplated hereby,
no third-party broker or finder has been engaged or consulted by Assignor or is entitled to compensation or commission in connection herewith.
Assignor will defend, indemnify and hold harmless Assignee from and against any and all claims of Assignor Broker or any other brokers,
finders or any like third party claiming any right to commission or compensation by or through acts of Assignor in connection herewith.
Assignee represents and warrants to Assignor that in connection with the transaction contemplated hereby, no third-party broker or finder
has been engaged or consulted by Assignee or is entitled to compensation or commission in connection herewith. Assignee will defend, indemnify
and hold harmless Assignor from and against any and all claims of any other brokers, finders or any like party claiming any right to commission
or compensation by or through acts of Assignee in connection herewith. The indemnity obligations hereunder will include, without limitation,
all damages, losses, risks, liabilities and expenses (including, without limitation, reasonable attorneys’ fees and costs) arising
from and related to matters being indemnified hereunder. This section does not apply to the real estate broker commissions contained in
the purchase agreements for the 23600 Property, 23616 Property, and 23634 Property.

 

9.   Costs.
Assignor and Assignee shall share equally the costs of the escrow maintained by Escrow Agent. Each party shall bear their own attorneys’
fees except as otherwise provided herein. All other costs shall be apportioned by Escrow Agent in accordance with customary practice in
the locality where the Properties are located.

 

10.   Default.

 

(a)   Assignor
Default. If Assignor shall (i) fail to consummate the transaction contemplated herein when required to do so pursuant to the provisions
hereof and Assignee is ready, willing and able to perform, or (ii) otherwise breach or default under any of the provisions of this Agreement,
Assignee shall be entitled to: (A) terminate this Agreement and seek actual damages against Assignor, including but not limited to Assignee’s
actual out of pocket costs and expenses (including attorneys’ fees) relating to or arising out of this Agreement; (B) enforce specific
performance of the terms, provisions and conditions of this Agreement; or (C) if such default relates to an indemnification obligation
or a breach of a warranty or representation by Assignor that is discovered by Assignee after Closing, maintain a suit for actual damages
incurred by Assignee as a result of such indemnification, breach or default. In no event will Assignor be liable for consequential or
punitive damages.

 

(b)   Assignee
Default. If Assignee shall (i) fail to consummate the transaction contemplated herein when required to do so pursuant to the provisions
hereof and Assignor is ready, willing and able to perform, or (ii) otherwise breach or default under any of the provisions of this Agreement,
then Assignor’s sole and exclusive remedy shall be to terminate this Agreement and obtain the Deposits from Assignee as liquidated
damages, in which event Assignee and Assignor shall be relieved of further obligations under this Agreement, at law or in equity. The
parties acknowledge that the amount of actual damages which may be incurred by Assignor as a result of Assignee’s default would
be impossible or extremely difficult to estimate, and the foregoing determination of liquidated damages is a reasonable estimate of said
damages, in lieu of all of Assignor’s other rights and remedies at law or in equity. In no event will Assignee be liable for consequential
or punitive damages.

 

    6

     

    

 

11.   Assignor
Elected Buy-In. The terms of this section shall govern Assignor’s right to acquire a membership interest in Assignee following
the Closing (the “Discretionary Buy-In”). This section survives the Closing.

 

(a)   For
the period of one (1) year after the Closing (the “Option Period”), provided the Lease remains in full force and effect
and there exists no Event of Default (as defined in the Lease) under the Lease by Tenant, Assignor or an entity owned and controlled by
TN and AK (the “Optionee”) shall have the option (the “Option”) to acquire twenty five percent (25%)
membership interest in Assignee (the “Membership Interest”) in exchange for cash payment to ZP RE Holdings, LLC or
its designee (the “Discretionary Buy-In Price”), calculated as follows: Six Hundred Thousand and 00/100 Dollars ($600,000)
plus interest thereon at the rate of twelve percent (12%) per annum starting on the Closing Date and ending on the date of the closing
of the Discretionary Buy-In.

 

(b)   To
exercise the Option, Optionee must give written notice to Assignee prior to the expiration of the Option Period together with payment
of the Discretionary Buy-In Price in cash or immediately available funds and an executed joinder agreement stating Optionee agrees to
be bound by the terms and provisions of the Operating Agreement (defined below). Following receipt of the Discretionary Buy-In Price and
Optionee’s timely and proper exercise in accordance with subsection (a) above, Assignee agrees to issue Optionee the Membership
Interest.

 

(c)   Assignor
and Assignee agree to reasonably negotiate the terms of an operating agreement of Assignee (the “Operating Agreement”)
following the Closing Date, which Operating Agreement shall provide for (i) customary majority (on the part of ZPRE [defined below]) and
minority (on the part of Optionee) terms, (ii) ZPRE shall receive a preferred distribution equal to 100% of the Base Rent (as defined
in the Lease) for one (1) year following any rent deferment period as received by Assignee under the Lease, then ZPRE shall receive a
preferred distribution of 90% the Base Rent (as defined in the Lease) for the three (3) years to follow, as received by Assignee under
the Lease, with the remaining 10% to the other member of Assignee, (iii) in the event Assignee sells or transfers its interest in the
Premises, Assignee shall receive a preferred liquidation distribution equal to $1,845,000, which preferred distribution shall be followed
by a pro rata split of any remaining proceeds. (iv) mutual consent for the joint venture to borrow indebtedness.

 

(d)   Following
the proper issuance of the Membership Interest in accordance with this section to Optionee, the Base Rent (defined in the Lease) pursuant
to the Lease for the First Lease Year (defined in the Lease) shall reduce to $34,818.49, and thereafter shall increase in accordance with
the terms of the Lease.

 

(e)   From
the Effective Date of this Agreement, during the pendency of the Option, Assignee agrees and covenants not to encumber in any way or secure
any other agreement or obligation using the Properties.

 

    7

     

    

 

12.   Assignor
Required Buy-In. The terms of this section shall govern Assignor’s obligation to acquire a membership interest in Assignee following
the Closing (the “Required Buy-In”). This section survives the Closing.

 

(a)   If,
at any time following the Closing, ZP RE Holdings, LLC or any entity owned or controlled by ZPRE (“ZPRE”) acquires
certain real property owned by Assignor’s affiliate, FL MI RE 16, LLC, with an address of 650 Burton St. SW, Grand Rapids, Michigan
(the “Burton Property” and the closing of ZPRE’s purchase of Burton Property, the “Burton Property Closing”),
for a purchase price of not more than One Million One Hundred Sixty Thousand and 00/100 Dollars ($1,160,000), then:

 

(i)   Concurrently
with or as soon as reasonably possible following the Burton Property Closing, Assignee agrees to issue the Membership Interest to Optionee
in consideration for ZPRE’s acquisition of the Burton Property;

 

(ii)   The
Base Rent (defined in the Lease) pursuant to the Lease for the First Lease Year (defined in the Lease) shall reduce to $34,818.49, and
thereafter shall increase in accordance with the terms of the Lease; and

 

(iii)   Assignor
and Assignee agree to reasonably negotiate the terms of the Operating Agreement following the Closing Date, which Operating Agreement
shall provide for the terms as stated in Section 11(c) above.

 

13.   Miscellaneous
Provisions.

 

(a)   Notices.
All notices or other communications required or provided to be sent by either Assignor, Assignee or Escrow Agent shall be in writing and
shall be sent (i) by United States Postal Service, postage prepaid, certified, return receipt requested; or (ii) by any nationally known
next business day delivery service; or (iii) by courier; or (iv) by email transmission; or (v) in person. All notices shall be deemed
to have been given two business days following deposit in the United States Postal Service or upon delivery if sent by next business day
delivery service, courier, or personally delivered and upon confirmed transmission if sent via email. All notices shall be addressed to
the party at the address below:

 

	 	If to Assignor, to:	PO Box 1927	 
	 	 	Birmingham, MI 48012	 
	 	 	Email:	 Tommy@roundcube.org	 
	 	 		Akattoula@gmail.com	 
	 	 	 	 
	 	If to TN, to:	PO Box 1927	 
	 	 	Birmingham, MI 48012	 
	 	 	Email: Tommy@roundcube.org	 
	 	 	 	 
	 	If to AK, to:	255 South Old Woodward, Suite 320	 
	 	 	Birmingham, MI 48009	 
	 	 	Email: Akattoula@gmail.com	 
	 	 	 	 
	 	If to Buyer, to:	Zoned Properties, Inc.	 
	 	 	8360 E. Raintree Drive, Ste. 230	 
	 	 	Scottsdale, Arizona 85260	 
	 	 	Email: dan.gauthier@zonedproperties.com	 
	 	 	 	 
	 	If to Escrow Agent, to:	Birmingham Title Agency	 
	 	 	26000 West 12 Mile Rd	 
	 	 	Southfield, MI 48034	 
	 	 	Attn: Elizabeth Casselman	 
	 	 	(248) 633-2737	 
	 	 	liz@birminghamtitle.net	 

 

    8

     

    

 

(b)   Amendment
and Modification. This Agreement may be amended, modified or supplemented only by written agreement of the parties.

 

(c)   Waiver
of Compliance. Any failure of one party to comply with any obligation, covenant, agreement or condition herein may be expressly waived
in writing by the party benefiting from such obligation, covenant, agreement or condition, but such waiver or failure to insist upon strict
compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent
or other failure.

 

(d)   Entire
Agreement. This Agreement, together with the other agreements referred to herein, sets forth the entire agreement and understanding
of the parties in respect of the subject matter contained herein, and supersedes all prior agreements, promises, covenants, arrangements,
communications, representations or warranties, whether oral or written, by any party.

 

(e)   Attorneys’
Fees. In the event of any action or proceeding at law or in equity between Assignor and Assignee (including an action or proceeding
between Assignee and the trustee or debtor in possession while Assignor is a debtor in a proceeding under the Bankruptcy Code (Title 11
of the United States Code) or any successor statute to such code and including in any appellate proceeding) to enforce or interpret any
provision of this Agreement or to protect or establish any right or remedy of either Party, the unsuccessful Party to such action or proceeding
shall pay to the prevailing Party all costs and expenses, including without limitation reasonable attorneys’ and paralegals’
fees and expenses (including without limitation fees, costs and expenses of experts and consultants), incurred in such action or proceeding,
or in connection with any appeal related thereto, together with all costs of enforcement and/or collection of any judgment or other relief.
If such prevailing Party shall recover judgment in any such action, proceeding or appeal, such costs, expenses and attorneys’ and
paralegals’ and others’ fees shall be included in and as a part of such judgment. All such costs and expenses incurred in
enforcing a judgment shall be recoverable separately from and in addition to such judgment. The right to recover attorneys fees, costs
and expenses under this Section shall be in addition to, and subject to, any limitation of remedies set forth in this Agreement.

 

(f)   Severability.
The invalidity of any provision of this Agreement or portion of a provision shall not affect the validity of any other provision of this
Agreement or the remaining portion of the applicable provision.

 

(g)   Further
Assurances. Upon reasonable request, from time to time, each party agrees that it shall execute and deliver all documents, make all
rightful oaths, testify in any proceeding and do all other acts which may be necessary or desirable in the opinion of any other party
to protect or record the rights of the other party arising under this Agreement, or to aid in the prosecution or defense of any rights
arising therefrom, all without further consideration.

 

(h)   Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the state where the Property is located.

 

(i)   Counterparts;
E-mail Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and both
of which together will constitute one and the same document. This Agreement may be signed electronically in portable document format (“pdf”)
and pdf signatures will be binding.

 

[SIGNATURE PAGE FOLLOWS]

 

    9

     

    

 

In Witness Whereof, the
parties hereto have caused this Agreement to have been executed and delivered as of the Effective Date.

 

	 	ASSIGNOR:
	 	 
	 	FL MI RE 22, LLC,
	 	a Michigan limited liability company
	 	 
	 	By:	/s/ Thomas Nafso
	 	Name: 	Thomas Nafso
	 	Its:	Authorized Signatory
	 	 
	 	TN:
	 	 
	 	/s/
Thomas Nafso
	 	Thomas Nafso, individually
	 	 
	 	AK:
	 	 
	 	/s/
Ammar Kattoula
	 	Ammar Kattoula, individually
	 	 
	 	ASSIGNEE:
	 	 
	 	ZP RE MI WOODWARD, LLC
	 	a Michigan limited liability company
	 	 
	 	By:	 ZP RE HOLDINGS, LLC, an Arizona limited liability
    company
	 	Its: 	Member
	 	 
	 	By:	/s/ Bryan McLaren
	 	Name:	 Bryan McLaren
	 	Its: 	Authorized person 

 

[Signature Page]

 

     

     

    

 

LIST OF EXHIBITS

 

Exhibit A-1 – Legal Description of 23600 Property

 

Exhibit A-2 – Legal Description of 23616 Property

 

Exhibit A-3 - Legal Description of 23636 Property

 

Exhibit B – Buy Sell Agreement for 23600 Property

 

Exhibit C – Assignment and Assumption Agreements

 

Exhibit D – Repurchase Agreement

 

Exhibit E – Promissory Note

 

[List of Exhibits]

 

     

     

    

 

Exhibit A-1

 

Legal Description of 23600 Property

 

Land situated in the City of Ferndale, County
of Oakland, State of Michigan to wit:

 

Lots 57, 58, 59 and 60, WOODWARD HEIGHTS SUBDIVISION
NO. 2, according to the recorded plat thereof as recorded in Liber 10 of Plats, Page 27, Oakland County Records.

 

    [Exhibit A-1]

     

    

 

Exhibit A-2

 

Legal Description of 23616 Property

 

Land situated in the City of Pleasant Ridge, County
of Oakland, State of Michigan to wit:

 

Lots 61, 62, 63 and 64 of Woodland Heights Subdivision
No. 2, according to the plat thereof as recorded in Liber 10 of Plats, Page 27, Oakland County Records

 

    [Exhibit A-2]

     

    

 

Exhibit A-3

 

Legal Description of 23634 Property

 

Land situated in the City of Pleasant Ridge, County
of Oakland, State of Michigan

 

Lots 65 and 66, except the part of Lot 66 beginning
at the Northwesterly corner of Lot 66, thence Easterly along the North line of said Lot 29.09 feet; thence Westerly along the South face
of the building wall 29 feet more or less; thence Northerly along the Easterly line of Woodward Avenue 0.45 of a foot to the point of
beginning of Woodward Heights Subdivision No.2, according to the plat thereof as recorded in Liber 10, Page 27 of Plats, Oakland County
Records.

 

    [Exhibit A-3]

     

    

 

Exhibit B

 

Buy Sell Agreement for 23600 Property

 

[SEE ATTACHED]

 

    [Exhibit B]

     

    

 

Exhibit C

 

ASSIGNMENT AND ASSUMPTION AGREEMENTS

 

[SEE ATTACHED PAGES]

 

    [Exhibit C]

     

    

 

Exhibit D

 

REPURCHASE AGREEMENT

 

[SEE ATTACHED PAGES]

 

    [Exhibit D]

     

    

 

EXHIBIT E

 

PROMISSORY NOTE

 

[SEE ATTACHED PAGES]

 

 

[Exhibit E]

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