Document:

Exhibit 10.1

 

THIRD AMENDMENT TO COMMERCIAL LEASE AGREEMENT

 

This Third Amendment
to the Commercial Lease Agreement (the “THIRD AMENDMENT”) is made this 1st day of October, 2017, (the “EFFECTIVE”
DATE) by and between Zoned Properties, Inc. (the “Landlord”), C3C3 Group, LLC (the “Tenant”). and Alan
Abrams, Individually as Personal Guarantor (the “Guarantor”).

 

WITNESSETH:

 

WHEREAS, Landlord,
Tenant, and Guarantor heretofore entered into a Commercial Lease Agreement (the “LEASE”) executed and effective as
of August 15, 2015 for the lease of the facilities commonly known as 410 S. Madison Dr. Suite #1, Tempe Arizona 85281 (the “Tempe
Property”); and

 

WHEREAS, Landlord,
Tenant, and Guarantor heretofore entered into a FIRST LEASE AMENDMENT and SECOND LEASE AMENDMENT (the “Lease Amendments”)
incorporated by reference, the most recent of which was dated September 01, 2016;

 

WHEREAS, Landlord
has transferred and recorded property title of the Tempe Property into its wholly owned subsidiary, Zoned Arizona Properties, LLC
(the “Subsidiary”), and in doing so has assigned its rights and interests in the Lease to its Subsidiary; and

 

WHEREAS, The
Landlord has invested capital into the property for expansion of the facilities for use by the Tenant, including but not limited
to an expansion of utilities and an expansion of operational space; and

 

WHEREAS, The
parties hereto desire to amend the Premises and the Base Rent of the monthly rental payment under the Lease 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 amendment 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 October 01, 2017:

 

	

 Zoned Properties, Inc.	 	Zoned Arizona Properties, LLC.
	 	 	 	 	 
	By:	/s/
    Bryan McLaren	 	By:	/s/ Bryan McLaren
	Name:	Bryan McLaren	 	Name:	Bryan McLaren
	Title:	CEO	 	Title:	Authorized Agent
	 	 	 	 	 
	Alan Abrams, Individually.	 	C3C3 Group, LLC.
	 	 	 	 	 
	By:	/s/ Alan Abrams	 	By:	/s/ Christopher Carra
	Name:	Alan Abrams	 	Name:	Christopher Carra
	Title:	Personal Guarantor	 	Title:	President

 

    	 	2	 

     

    

 

AMENDED EXHIBIT B: BASE RENT SCHEDULE

 

	Year	 	Start Date	 	
    End Date	 	Monthly Base

Rent	 	 	Annual Base

Rent	 	 	Base Rent 

Rate	 	 	Rentable Area	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1	 	08/01/2015	 	07/31/2016	 	$	13,500.00	 	 	$	162,000.00	 	 	$	32.40	 	 	 	5,000	 
	2	 	08/01/2016	 	01/31/2017	 	$	13,500.00	 	 	$	162,000.00	 	 	$	10.80	 	 	 	15,000	 
	2	 	02/01/2017	 	10/30/2017	 	$	25,500.00	 	 	$	306,000.00	 	 	$	20.40	 	 	 	15,000	 
	3	 	11/01/2017	 	03/31/2017	 	$	30,500.00	 	 	$	366,000.00	 	 	$	12.20	 	 	 	30,000	 
	3	 	04/01/2018	 	07/31/2018	 	$	35,500.00	 	 	$	426,000.00	 	 	$	14.20	 	 	 	30,000	 
	4	 	08/01/2018	 	07/31/2019	 	$	45,500.00	 	 	$	546,000.00	 	 	$	18.20	 	 	 	30,000	 
	5	 	08/01/2019	 	07/31/2020	 	$	55,500.00	 	 	$	666,000.00	 	 	$	22.20	 	 	 	30,000	 
	6	 	08/01/2020	 	07/31/2021	 	$	58,275.00	 	 	$	699,300.00	 	 	$	23.31	 	 	 	30,000	 
	7	 	08/01/2021	 	07/31/2022	 	$	61,188.75	 	 	$	734,265.00	 	 	$	24.48	 	 	 	30,000	 
	8	 	08/01/2022	 	07/31/2023	 	$	64,248.19	 	 	$	770,978.25	 	 	$	25.70	 	 	 	30,000	 
	9	 	08/01/2023	 	07/31/2024	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	10	 	08/01/2024	 	07/31/2025	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	11	 	08/01/2025	 	07/31/2026	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	12	 	08/01/2026	 	07/31/2027	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	13	 	08/01/2027	 	07/31/2028	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	14	 	08/01/2028	 	07/31/2029	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	15	 	08/01/2029	 	07/31/2030	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	16	 	08/01/2030	 	07/31/2031	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	17	 	08/01/2031	 	07/31/2032	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	18	 	08/01/2032	 	07/31/2033	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	19	 	08/01/2033	 	07/31/2034	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 
	20	 	08/01/2034	 	07/31/2035	 	$	67,460.60	 	 	$	809,527.16	 	 	$	26.98	 	 	 	30,000	 

 

	* Annual Rental Rate escalates at 5% per annum through year 10

 

    	 	3	 

     

    

 

AMENDED
EXHIBIT C: PROPERTY SITE AND LEGAL DESCRIPTION

 

	Parcel
    ID:	124-39-038
    & 124-39-039A
	 	 
	Property
    Address:	410
        S. Madison Dr. Suites #1, #2, and #3

        Tempe,
        AZ 85281

	 	 
	Building
    and Premises:	30,000
    total square feet in stages of development at the Tempe Medical Marijuana Business Park; includes 20,000 square feet of developed
    cultivation and processing space already completed, and 10,000 square feet of un-developed warehouse to be used as storage
    space until future developments can be completed, located in eastern half of the building. The Authority to Operate (ATO)
    for the Licensed Medical Marijuana Facilities held by CJK, Inc. 

 

 

4Document

Exhibit 10.1
JOINDER AGREEMENT
THIS JOINDER AGREEMENT (“Joinder Agreement”) is executed as of September 29, 2017, by DCII-2005 EAST TECHNOLOGY CIRCLE, LLC, a Delaware limited liability company  (the “Joining Party”) and delivered to KeyBank National Association, as Agent, pursuant to §5.5 of that certain Second Amended and Restated Credit Agreement dated as of December 22, 2015, as amended by that certain First Amendment to Second Amended and Restated Credit Agreement and Amendment to Other Loan Documents dated September 30, 2016 (as the same has been and may be further varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated, the “Credit Agreement”), by and among Carter Validus Operating Partnership II, LP (the “Borrower”), KeyBank National Association, for itself and as Agent, and the other Lenders from time to time party thereto.  Terms used but not defined in this Joinder Agreement shall have the meanings defined for those terms in the Credit Agreement. 
RECITALS
A.    Joining Party is required, pursuant to §5.5 of the Credit Agreement, to become an additional Subsidiary Guarantor under the Guaranty, the Indemnity Agreement and the Contribution Agreement.
B.    Joining Party expects to realize direct and indirect benefits as a result of the availability to the Borrower of the credit facilities under the Credit Agreement.
NOW, THEREFORE, Joining Party agrees as follows:
AGREEMENT
1.Joinder.  By this Joinder Agreement, Joining Party hereby becomes a “Subsidiary Guarantor” and a “Guarantor” under the Credit Agreement, the Guaranty, the Indemnity Agreement and the other Loan Documents with respect to all the Obligations of the Borrower now or hereafter incurred under the Credit Agreement and the other Loan Documents, and a “Subsidiary Guarantor” under the Contribution Agreement.  Joining Party agrees that such Joining Party is and shall be bound by, and hereby assumes, all representations, warranties, covenants, terms, conditions, duties and waivers applicable to a “Subsidiary Guarantor” and a “Guarantor” under the Credit Agreement, the Guaranty, the Indemnity Agreement, the other Loan Documents and the Contribution Agreement.
2.Representations and Warranties of Joining Party.  Joining Party represents and warrants to Agent that, as of the Effective Date (as defined below), except as disclosed in writing by Joining Party to Agent on or prior to the date hereof and approved by the Agent in writing (which disclosures shall be deemed to amend the Schedules and other disclosures delivered as contemplated in the Credit Agreement), the representations and warranties contained in the Credit Agreement and the other Loan Documents applicable to a “Guarantor” or “Subsidiary Guarantor” are true and correct in all material respects as applied to Joining Party as a Subsidiary Guarantor and a Guarantor 

on and as of the Effective Date as though made on that date.  As of the Effective Date, all covenants and agreements in the Loan Documents and the Contribution Agreement of the Subsidiary Guarantors apply to the Joining Party and no Default or Event of Default shall exist or might exist upon the Effective Date in the event that the Joining Party becomes a Subsidiary Guarantor.
3.Joint and Several.  Joining Party hereby agrees that, as of the Effective Date, the Guaranty, the Contribution Agreement and the Indemnity Agreement heretofore delivered to the Agent and the Lenders shall be a joint and several obligation of Joining Party to the same extent as if executed and delivered by Joining Party, and upon request by Agent, will promptly become a party to the Guaranty, the Contribution Agreement and the Indemnity Agreement to confirm such obligation.
4.Further Assurances.  Joining Party agrees to execute and deliver such other instruments and documents and take such other action, as the Agent may reasonably request, in connection with the transactions contemplated by this Joinder Agreement.
5.GOVERNING LAW.  THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACTUAL OBLIGATION UNDER, AND SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
6.Counterparts.  This Joinder Agreement may be executed in any number of counterparts which shall together constitute but one and the same agreement.
7.Effective Date.  The effective date (the “Effective Date”) of this Joinder Agreement is September 29, 2017. 
[SIGNATURES ON FOLLOWING PAGE]

2

IN WITNESS WHEREOF, Joining Party has executed this Joinder Agreement under seal as of the day and year first above written.
“JOINING PARTY”
DCII-2005 EAST TECHNOLOGY CIRCLE, LLC,
a Delaware limited liability company 

		
	By:
	Carter Validus Operating Partnership II, LP, a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT II, Inc., a Maryland corporation, its General Partner

By:    /s/ Lisa Collado 
Name:     Lisa Collado 
Title:    Authorized Agent
    
ACKNOWLEDGED:
KEYBANK NATIONAL ASSOCIATION, as Agent
By:     /s/ Kristin Centracchio
Name:     Kristin Centracchio 
Title:       Vice President

[Signature Page to Joinder Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]