Document:

Exhibit 4.7

 EXHIBIT 4.7 

DISPUTE RESOLUTION AGREEMENT 

THIS DISPUTE RESOLUTION AGREEMENT, dated as of March 17, 2016 (this “Agreement”) is by and among CAPITAL ONE FUNDING,
LLC, in its individual capacity (“Funding”), CAPITAL ONE BANK (USA), NATIONAL ASSOCIATION, in its individual capacity (the “Bank”), and THE BANK OF NEW YORK MELLON, as Trustee (the “Trustee”). 

BACKGROUND 
 WHEREAS, Signet
Bank/Virginia, a Virginia banking corporation (“Signet/Virginia”), as seller (in such capacity, along with its successors in such capacity, the “Seller”) and servicer (in such capacity, along with its successors in
such capacity, the “Servicer”), and The Bank of New York Mellon (under its predecessor name, The Bank of New York), a New York banking corporation, as trustee (in such capacity on behalf of the Capital One Master Trust (under its
predecessor name, the Signet Master Trust), or its successor in interest, or any successor trustee appointed as provided therein, the “Trustee”), entered into a pooling and servicing agreement, dated as of September 30, 1993
(as the same was amended by Amendment No. 1 to the Pooling and Servicing Agreement, dated as of May 17, 1994, between Signet/Virginia, as Seller and Servicer, and the Trustee, the “Original Pooling and Servicing
Agreement”); 
 WHEREAS, commencing in November 1994, Signet Banking Corporation (“Signet”) and Signet/Virginia, a
wholly-owned subsidiary of Signet, engaged in a series of transactions that, in February 1995, culminated with Signet divesting its ownership interest in Capital One Financial Corporation, a bank holding company incorporated in Delaware
(“COFC”) (including Capital One Bank, a Virginia banking corporation and subsidiary of COFC (“Capital One Bank”)), by means of a tax-free distribution to Signet’s stockholders (the “Spin-off”);

 WHEREAS, in connection with the Spin-off, Capital One Bank became a party to the Original Pooling and Servicing Agreement, as the Seller
and the Servicer, and the Signet Master Trust’s name was changed to the Capital One Master Trust (the “Master Trust”); 

WHEREAS, the Original Pooling and Servicing Agreement was subsequently amended by Amendment No. 2 to the Pooling and Servicing Agreement,
dated as of May 23, 1995, Amendment No. 3 to the Pooling and Servicing Agreement, dated as of October 15, 1997, Amendment No. 4 to the Pooling and Servicing Agreement, dated as of April 24, 1998, Amendment No. 5 to the
Pooling and Servicing Agreement, dated as of January 25, 2000, Amendment No. 6 to the Pooling and Servicing Agreement, dated as of October 13, 2000 (the Original Pooling and Servicing Agreement, as amended by Amendments No. 2
through Amendment No. 6, and as otherwise supplemented or modified, the “Original Amended Pooling and Servicing Agreement”), each between the Capital One Bank, as Seller and Servicer, and the Trustee; 

 WHEREAS, the Original Amended Pooling and Servicing Agreement was amended and restated on
April 9, 2001 (the “Amended and Restated Pooling and Servicing Agreement”) for the purpose of, among other things, adding Capital One, F.S.B., a federal savings bank (“F.S.B.”), as an additional Seller,
and as amended and restated on April 9, 2001 was among Capital One Bank, as a Seller and as Servicer, F.S.B., as a Seller, and the Trustee; 

WHEREAS, Capital One Bank and F.S.B., each as a Seller under the Amended and Restated Pooling and Servicing Agreement, determined to
substitute Funding, as transferor (in such capacity, along with its successors in such capacity, the “Transferor”) to the Master Trust in place of Capital One Bank and F.S.B., as Sellers to the Master Trust; 

WHEREAS, in connection with the substitution of Funding as Transferor to the Master Trust in place of Capital One Bank and F.S.B. as Sellers
to the Master Trust, (i) Funding and Capital One Bank entered into the receivable purchase agreement, dated as of August 1, 2002 (the “C.O.B. Receivables Purchase Agreement”), relating to the sale of credit card
receivables by Capital One Bank to Funding and (ii) Funding and F.S.B. entered into a receivable purchase agreement, dated as of August 1, 2002 (the “F.S.B. Receivables Purchase Agreement”), relating to the sale of credit
card receivables by F.S.B. to Funding; 
 WHEREAS, in connection with the substitution of Funding as Transferor to the Master Trust in place
of Capital One Bank and F.S.B. as Sellers to the Master Trust, Funding, as Transferor, the Servicer and the Trustee amended and restated the Amended and Restated Pooling and Servicing Agreement through the execution and delivery of an Amended and
Restated Pooling and Servicing Agreement, dated as of August 1, 2002, among the Transferor, the Servicer and the Trustee (the “Second Amended and Restated Pooling and Servicing Agreement”); 

WHEREAS, pursuant to the terms of the Second Amended and Restated Pooling and Servicing Agreement, the Transferor assigned, set over and
otherwise conveyed to the Trustee all of the Transferor’s rights, remedies, powers, privileges and claims under or with respect to the C.O.B. Receivables Purchase Agreement and the F.S.B. Receivables Purchase Agreement; 

WHEREAS, the Second Amended and Restated Pooling and Servicing Agreement was amended and restated by an Amended and Restated Pooling and
Servicing Agreement, dated as of January 13, 2006, among the Transferor, the Servicer and the Trustee (the “Third Amended and Restated Pooling and Servicing Agreement”) to, among other things, comply with newly-enacted
regulatory requirements; 
 WHEREAS, on July 1, 2007, F.S.B. transferred its small business credit card accounts to Capital One Bank
and F.S.B. merged with and into Capital One Bank (the “Merger”), with Capital One Bank being the surviving entity; 

WHEREAS, in connection with the Merger, Funding and F.S.B. terminated the F.S.B. Receivables Purchase Agreement and, prior to such
termination, F.S.B. had not transferred any receivables to Funding pursuant to the F.S.B. Receivables Purchase Agreement; 

  
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 WHEREAS, in connection with the Merger, (i) the C.O.B. Receivables Purchase Agreement was
amended and restated by an Amended and Restated Receivables Purchase Agreement, dated as of July 1, 2007, between Capital One Bank and Funding (as the same was amended by the First Amendment to Amended and Restated Receivables Purchase
Agreement, dated as of March 1, 2008, the “Amended and Restated Receivables Purchase Agreement”) and (ii) the Third Amended and Restated Pooling and Servicing Agreement was amended and restated by an Amended and Restated
Pooling and Servicing Agreement, dated as of July 1, 2007 (as the same was amended by the First Amendment to Amended and Restated Pooling and Servicing Agreement, dated as of March 1, 2008, and the Second Amendment to Amended and Restated
Pooling and Servicing Agreement, dated as of July 15, 2010, the “Fourth Amended and Restated Pooling and Servicing Agreement”), among the Transferor, the Servicer and the Trustee, in each case for the purpose of, among other
things, allowing receivables from non-consumer revolving credit accounts owned by Capital One Bank, including small business revolving credit accounts, to be conveyed from Capital One Bank to Funding, and from Funding to the Master Trust; 

WHEREAS, on March 1, 2008, Capital One Bank was converted from a Virginia banking corporation to a national banking association, and in
connection with such conversion Capital One Bank became the Bank; 
 WHEREAS, by operation of law, all of the assets and rights of Capital
One Bank became vested in the Bank, and the Bank assumed all of the liabilities and obligations of Capital One Bank; 
 WHEREAS, (i) as
successor by conversion to Capital One Bank as Seller under the Original Amended Pooling and Servicing Agreement and the Amended and Restated Pooling and Servicing Agreement, (ii) by virtue of Capital One Bank’s succession by merger to
F.S.B., as successor in interest to F.S.B. as a Seller under the Amended and Restated Pooling and Servicing Agreement, and (iii) by virtue of Capital One Bank’s succession to Signet/Virginia, as successor in interest to Signet/Virginia as
Seller under the Original Pooling and Servicing Agreement, the Bank may have the obligation to repurchase from the Trustee applicable credit card receivables if any of the Predecessor PSA Repurchase Obligations (as defined below) so require; 

WHEREAS, as successor by conversion to Capital One Bank under the C.O.B. Receivables Purchase Agreement and the Amended and Restated
Receivables Purchase Agreement, the Bank may have the obligation to repurchase from Funding applicable credit card receivables if any of the Predecessor RPA Repurchase Obligations (as defined below) so require; 

WHEREAS, in order to comply with certain newly-enacted regulatory requirements, the Transferor, the Servicer and the Trustee entered into an
Amended and Restated Pooling and Servicing Agreement, dated as of March 17, 2016 (as the same may be amended, supplemented or otherwise modified, the “Fifth Amended and Restated Pooling and Servicing Agreement”); and 

WHEREAS, the parties to this Agreement desire to enter into this Agreement for the purpose of agreeing to dispute resolution terms that will
apply if there is a dispute concerning any of the Predecessor PSA Repurchase Obligations or any of the Predecessor RPA Repurchase Obligations, as applicable (as each term as defined below, respectively). 

  
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 NOW THEREFORE, in consideration of the promises and the agreements contained herein, the parties
hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Capitalized Terms. Capitalized terms used in this Agreement and not otherwise defined shall have the meanings
ascribed thereto in the Fifth Amended and Restated Pooling and Servicing Agreement. 
 “AAA” shall have the meaning set
forth in Section 2.01(b)(i). 
 “Agreement” has the meaning set forth in the initial paragraph of this Agreement. 

“Amended and Restated Pooling and Servicing Agreement” has the meaning set forth in the Background section of this Agreement.

 “Amended and Restated Receivables Purchase Agreement” has the meaning set forth in the Background section of this
Agreement. 
 “Bank” has the meaning set forth in the initial paragraph of this Agreement. 

“Business Days” has the meaning set forth in the Fifth Amended and Restated Pooling and Servicing Agreement. 

“Capital One Bank” has the meaning set forth in the Background section of this Agreement. 

“C.O.B. Receivables Purchase Agreement” has the meaning set forth in the Background section of this Agreement. 

“Fifth Amended and Restated Pooling and Servicing Agreement” has the meaning set forth in the Background section of the
Agreement. 
 “Fourth Amended and Restated Pooling and Servicing Agreement” has the meaning set forth in the Background
section of this Agreement. 
 “F.S.B.” has the meaning set forth in the Background section of this Agreement. 

“F.S.B. Receivables Purchase Agreement” has the meaning set forth in the Background section of this Agreement. 

  
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 “Funding” has the meaning set forth in the initial paragraph of this Agreement.

 “Holder” has the meaning set forth in the Fifth Amended and Restated Pooling and Servicing Agreement. 

“Master Trust” has the meaning set forth in the Background section of this Agreement. 

“Merger” has the meaning set forth in the Background section of this Agreement. 

“Original Amended Pooling and Servicing Agreement” has the meaning set forth in the Background section of this Agreement.

 “Original Pooling and Servicing Agreement” has the meaning set forth in the Background section of this Agreement. 

“Person” has the meaning set forth in the Fifth Amended and Restated Pooling and Servicing Agreement. 

“Predecessor PSA Repurchase Obligations” shall mean, collectively, any of the obligations to repurchase receivables pursuant
to subsection 2.05(a) or Section 2.06 of the Original Pooling and Servicing Agreement, subsection 2.05(a) or Section 2.06 of the Original Amended Pooling and Servicing Agreement, or subsection 2.05(a) or Section 2.06 of the Amended
and Restated Pooling and Servicing Agreement. 
 “Predecessor RPA Repurchase Obligations” shall mean collectively, any of
the obligations to repurchase receivables pursuant to Section 6.01 or 6.02 of the C.O.B. Receivables Purchase Agreement or Section 6.01 or 6.02 of the Amended and Restated Receivables Purchase Agreement. 

“Qualified Dispute Resolution Professional” has the meaning set forth in the Fifth Amended and Restated Pooling and Servicing
Agreement. 
 “Receivable” has the meaning set forth in the Fifth Amended and Restated Pooling and Servicing Agreement.

 “Representing Party” has the meaning set forth in Section 2.01(a). 

“Requesting Party” has the meaning set forth in Section 2.01(a). 

“Rules” has the meaning set forth in Section 2.01(b)(i). 

“Second Amended and Restated Pooling and Servicing Agreement” has the meaning set forth in the Background section of this
Agreement. 
 “Servicer” has the meaning set forth in the Background section of this Agreement. 

  
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 “Spin-off” has the meaning set forth in the Background section of this
Agreement. 
 “Third Amended and Restated Pooling and Servicing Agreement” has the meaning set forth in the Background
section of this Agreement. 
 “Transferor” has the meaning set forth in the Background section of this Agreement. 

“Transferor Interest” has the meaning set forth in the Fifth Amended and Restated Pooling and Servicing Agreement. 

“Trustee” has the meaning set forth in the initial paragraph of this Agreement. 

ARTICLE II 
 DISPUTE
RESOLUTION 
 Section 2.01. Dispute Resolution. 

(a) If any Receivable is subject to repurchase pursuant to any of the Predecessor PSA Repurchase Obligations or any of the Predecessor RPA
Repurchase Obligations, which repurchase is not resolved in accordance with the terms of the agreement under which such repurchase obligation arose, within 180 days after notice is delivered to the Bank under the terms of such applicable agreement,
the party requesting repurchase of such Receivable (the “Requesting Party”) will have the right to refer the matter, at its discretion, to either third-party mediation (including nonbinding arbitration) or binding arbitration
pursuant to this Section 2.01 and the Bank is hereby deemed to consent to the selected resolution method. At the end of the 180-day period described above, the Representing Party (as defined below)
may provide notice informing the Requesting Party of the status of its request or, in the absence of any such notice, the Requesting Party may presume that its request remains unresolved. The Requesting Party must provide written notice of its
intention to refer the matter to mediation or arbitration to the Bank as the party responsible for such repurchase (in such capacity, the “Representing Party”) within 30 calendar days following such 180th day. The Representing Party
agrees to participate in the resolution method selected by the Requesting Party. 
 (b) If the Requesting Party selects mediation as the
resolution method, the following provisions will apply: 
 (i) The mediation will be administered by the American Arbitration
Association (the “AAA”) pursuant to its Commercial Arbitration Rules and Mediation Procedures in effect at the time the mediation is initiated (the “Rules”); provided, that if any of the Rules are
inconsistent with the procedures for the mediation or arbitration stated in the Fifth Amended and Restated Pooling and Servicing Agreement or the Amended and Restated Receivables Purchase Agreement, the procedures in such applicable document will
control. 

  
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 (ii) The mediator must be a Qualified Dispute Resolution Professional. Upon being
supplied a list, by the AAA, of at least ten potential mediators that are each Qualified Dispute Resolution Professionals, each of the Requesting Party and the Representing Party will have the right to exercise two peremptory challenges within 14
days and to rank the remaining potential mediators in order of preference. The AAA will select the mediator from the remaining potential mediators on the list, respecting the preference choices of the parties to the extent possible. 

(iii) Each of the Requesting Party and the Representing Party will use commercially reasonable efforts to begin the mediation
within 10 Business Days of the selection of the mediator and to conclude the mediation within 30 days of the start of the mediation. 

(iv) The fees and expenses of the mediation will be allocated as mutually agreed by the Requesting Party and the Representing
Party as part of the mediation. 
 (v) A failure by the Requesting Party and the Representing Party to resolve a disputed
matter through mediation shall not preclude either party from seeking a resolution of such matter through the initiation of a judicial proceeding in a court of competent jurisdiction, subject to subsection 2.01(d) below. 

(c) If the Requesting Party selects arbitration as the resolution method, the following provisions will apply: 

(i) The arbitration will be held in accordance with the United States Arbitration Act, notwithstanding any choice of law
provision in this Agreement, and under the auspices of the AAA and in accordance with the Rules. 
 (ii) If the repurchase
request specified in subsection 2.01(a) involves the repurchase of an aggregate amount of Receivables of less than 5% of the total Principal Receivables in the Trust as of the date of such repurchase request, a single arbitrator will be used.
That arbitrator must be a Qualified Dispute Resolution Professional. Upon being supplied a list of at least ten potential arbitrators that are each Qualified Dispute Resolutions Professionals by the AAA, each of the Requesting Party and the
Representing Party will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The AAA will select the arbitrator from the remaining potential arbitrators on the
list respecting the preference choices of the parties to the extent possible. 
 (iii) If the repurchase request specified in
subsection 2.01(a) involves the repurchase of an aggregate amount of Receivables equal to or in excess of 5% of the total Principal Receivables in the Trust as of the date of such repurchase request, a three-arbitrator panel will be used. The
arbitral panel will consist of three Qualified Dispute Resolution Professionals, (A) one to be appointed by the Requesting Party within five Business Days of providing notice to the Representing Party of its selection of arbitration,

  
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(B) one to be appointed by the Representing Party within five Business Days of the Requesting Party’s appointment of an arbitrator, and (C) the third, who will preside over the arbitral
panel, to be chosen by the two party-appointed arbitrators within five Business Days of the Representing Party’s appointment. If any party fails to appoint an arbitrator or the two party-appointed arbitrators fail to appoint the third within
the relevant time periods, then the appointments will be made by the AAA pursuant to the Rules. 
 (iv) Each arbitrator
selected for any arbitration will abide by the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time the arbitration is initiated. Prior to accepting an appointment, each arbitrator must promptly disclose any circumstances
likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule. Any arbitrator selected may be removed by the AAA for cause consisting of actual bias,
conflict of interest or other serious potential for conflict. 
 (v) The Requesting Party and the Representing Party each
agree that it is their intention that after consulting with the parties, the arbitrator or arbitral panel, as applicable, will devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 30 days after appointment of the arbitrator or arbitral panel, as applicable. The arbitrator or the arbitral panel, as applicable, will have the authority to schedule, hear, and
determine any and all motions, including dispositive and discovery motions, in accordance with New York law then in effect (including prehearing and post hearing motions), and will do so on the motion of any party to the arbitration. Notwithstanding
any other discovery that may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration will be limited to the following discovery in the arbitration: 

(A) Consistent with the expedited nature of arbitration, the Requesting Party and the Representing Party will, upon the written
request of the other party, promptly provide the other with copies of documents relevant to the issues raised by any claim or counterclaim on which the producing party may rely in support of or in opposition to the claim or defense. 

(B) At the request of a party, the arbitrator or arbitral panel, as applicable, shall have the discretion to order examination
by deposition of witnesses to the extent the arbitrator or arbitral panel deems such additional discovery relevant and appropriate. Depositions shall be limited to a maximum of three (3) per party and shall be held within thirty
(30) calendar days of the making of a request. Additional depositions may be scheduled only with the permission of the arbitrator or arbitral panel, and for good cause shown. Each deposition shall be limited to a maximum of three
(3) hours’ duration. All objections are reserved for the arbitration hearing except for objections based on privilege and proprietary or confidential information. 

  
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 (C) Any dispute regarding discovery, or the relevance or scope thereof, shall be
determined by the arbitrator or arbitral panel, which determination shall be conclusive. 
 (D) All discovery shall be
completed within sixty (60) calendar days following the appointment of the arbitrator or the arbitral panel, as applicable; provided, that the arbitrator or the arbitral panel, as applicable, will have the ability to grant the parties,
or either of them, additional discovery to the extent that the arbitrator or the arbitral panel, as applicable, determines good cause is shown that such additional discovery is reasonable and necessary. 

(vi) The Requesting Party and the Representing Party each agree that it is their intention that the arbitrator or the arbitral
panel, as applicable, will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way. The arbitrator or the arbitral panel, as applicable, will not have the power to award punitive
damages or consequential damages in any arbitration conducted. The Requesting Party and the Representing Party each agree that it is their intention that in its final determination, the arbitrator or the arbitral panel, as applicable, will determine
and award the costs of the arbitration (including the fees of the arbitrator or the arbitral panel, as applicable, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as
determined by the arbitrator or the arbitral panel, as applicable, must be consistent with the provisions of this Agreement, including Section 3.04, and in its reasonable discretion. The determination of the arbitrator or the arbitral panel, as
applicable, will be in writing and counterpart copies will be promptly delivered to the parties. The determination of the arbitrator or the arbitral panel, as applicable, may be reconsidered once by the arbitrator or the arbitral panel, as
applicable, upon the motion and at the expense of either party. Following that single reconsideration, the determination of the arbitrator or the arbitral panel, as applicable, will be final and non-appealable and may be entered in and may be
enforced in, any court of competent jurisdiction. 
 (vii) By selecting binding arbitration, the Requesting Party is giving
up the right to sue in court, including the right to a trial by jury. 
 (viii) No Person may bring a putative or certified
class action to arbitration. 
 (d) The following provisions will apply to both mediations and arbitrations: 

(i) Any mediation or arbitration will be held in New York, New York. 

(ii) Notwithstanding this dispute resolution provision, the parties will have the right to seek provisional or ancillary relief
from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law. 

  
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 (iii) The details and/or existence of any unfulfilled repurchase request
specified in subsection 2.01(a) above, any informal meetings, mediations or arbitration proceedings, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to
informally resolve an unfulfilled repurchase request, and any discovery taken in connection with any arbitration, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation,
or other proceeding; provided, however, that any discovery taken in any arbitration will be admissible in that particular arbitration. Such information will be kept strictly confidential and will not be disclosed or discussed with any third party
(excluding a party’s attorneys, experts, accountants and other agents and representatives, as reasonably required in connection with the related resolution procedure), except as otherwise required by law, regulatory requirement or court order.
If any party to a resolution procedure receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such confidential information, the recipient will promptly notify the other party to the
resolution procedure and will provide the other party with the opportunity to object to the production of its confidential information. Notwithstanding anything in this Section 2.01 to the contrary, any discovery taken in connection with
any arbitration pursuant to subsection 2.01(c) above will be admissible in such arbitration. 

  
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 ARTICLE III 

MISCELLANEOUS 

Section 3.01. Term. This Agreement shall continue until the earlier of (a) the termination of the Master Trust under Article
XII of the Fifth Amended and Restated Pooling and Servicing Agreement and (b) the written agreement of all of the parties to this Agreement. 

Section 3.02. Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not
constitute part of this Agreement for any other purpose. 
 Section 3.03. Amendments. The Agreement only can be modified in a
written document executed by Funding, the Bank and the Trustee; provided, that prior notice of any such modification shall be provided to each Rating Agency. 

Section 3.04. Liability of the Transferor; Nonpetition Covenant. 

(a) The Transferor shall be liable in accordance herewith to the extent of the obligations specifically undertaken by the Transferor;
provided, however, that to the extent the Transferor’s liabilities constitute monetary claims against the Transferor, such claims shall only constitute a monetary claim against the Transferor to the extent the Transferor has funds
sufficient to make payment on such liabilities from amounts paid to it as Holder of the Transferor Interest. 
 (b) Notwithstanding any
prior termination of this Agreement, to the fullest extent permitted by law, each of the Bank and the Trustee must not file, commence, join, or acquiesce in a petition or a proceeding, or cause Funding to file, commence, join, or acquiesce in a
petition or a proceeding, that causes (a) Funding to be a debtor under any Debtor Relief Law or (b) a trustee, conservator, receiver, liquidator, or similar official to be appointed for Funding or any substantial part of any of its
property. 
 Section 3.05. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 3.06. Notices. All demands, notices, instructions, directions and communications under this Agreement shall be in writing
and shall be deemed to have been duly given if personally delivered at, mailed by certified mail, return receipt requested and postage prepaid, sent by facsimile transmission, or sent by electronic mail or by such other means acceptable to the
recipient (i) in the case of Capital One Bank (USA), National Association, to Capital One Bank (USA), National Association, 1680 Capital One Drive, McLean, VA 22102, Attention: General Counsel, with a copy to Managing Vice President,
Treasury Capital Markets, (ii) in the case of Capital One Funding, LLC, to Capital One Funding, LLC, 140 East Shore 

  
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Drive, Room 1071-B, Glen Allen, Virginia 23059, Attention: Assistant Vice President, Treasury Capital Markets, (iii) in the case of the Trustee, to The Bank of New York Mellon, 101
Barclay Street, 7W, New York, New York 10286, Attention: Corporate Trust Administration-Asset Backed Securities (facsimile no. 212-815-2493), and (iv) to any other Person as specified in any Supplement; or, as to each party, at such other
address, facsimile number or electronic mail address as shall be designated by such party in a written notice to each other party. 

Section 3.07. Severability. If any part of the Agreement is held to be invalid or otherwise unenforceable, the rest of this
Agreement will be considered severable and will continue in full force. 
 Section 3.08. Further Assurances. Each party must
take all actions that are reasonably requested by each other party hereto to effect more fully the purposes of this Agreement. 

Section 3.09. Counterparts. This Agreement may be executed in any number of counterparts and by separate parties hereto on
separate counterparts, each of which when executed shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, Funding, the Bank and the Trustee have caused this Agreement to be duly
executed by their respective officers as of the day and year first above written. 
  

			
	CAPITAL ONE FUNDING, LLC,
		
	By:	 	 /s/ Eric D. Bauder

		 	Name: Eric D. Bauder
		 	Title: Assistant Vice President
	
	CAPITAL ONE BANK (USA), NATIONAL ASSOCIATION,
		
	By:	 	 /s/ Daniel H. Rosen

		 	Name: Daniel H. Rosen
		 	Title: Managing Vice President, Treasury
	
	THE BANK OF NEW YORK MELLON,
	 Not in its individual capacity,
 but
solely as Trustee

		
	By:	 	 /s/ Michael D. Commisso

		 	Name: Michael D. Commisso
		 	Title: Vice President

 [Signature Page to Dispute Resolution Agreement]Exhibit 10.1

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

Binding
Letter of Intent

 

Between:

Zoned
Properties, Inc.

 (“Landlord”)

 

And:

Catalina
Partners III LLC

 (“Tenant”)

 

And:

Catalina
Hills Botanical Care, Inc.

 (“Medical Marijuana License Holder”)

 

	RE:	410
    S. Madison Dr.

Tempe,

Arizona
85281

 

WHEREAS,
it is the intent of the parties to enter into this binding Letter of Intent (this “LOI”), which outlines certain essential
material terms for the execution of a Commercial Lease Agreement (the “Lease” or “Lease Agreement”) for
the leasing of approximately 25,000 square feet of space (the “Premises”) to Tenant located within the Building (defined
in Exhibit B) located at 410 South Madison Drive, Tempe, Arizona 85281 (“Property”).

 

	Legal
    Description:	The
    parties agree the legal description of the Property, Building and the Premises is attached as Exhibit A and incorporated
    herein by reference.
	 	 
	Premises:	Pursuant
    to the provisions provided in this LOI and the Lease (defined herein), Landlord shall lease to Tenant, and Tenant shall lease
    from Landlord, approximately 25,000 square feet of space in the Building, as identified on Exhibit B attached
    to this LOI, which is capable of being operating as a Medical Marijuana Cultivation and Production Facility.
	 	 
	LOI
    Termination:	The
parties agree in the event the LOI Requirements described herein this LOI, are not mutually satisfied on or before the date that
is ninety (90) days after the Effective Date of this LOI (“LOI Term”), this LOI shall terminate, Escrow Agent (defined
herein) shall return the full Deposit to Tenant, minus $100.00 which shall be returned to Landlord, and the parties shall owe
no further obligation to one another. In the event despite the parties’ reasonable efforts, the satisfaction of the LOI
Requirements requires additional time, the parties may mutually agree in writing to extend the term of this LOI. Upon the termination
of this LOI, Escrow Agent shall return the Deposit, as described herein, to Tenant, no more than three (3) days following the
expiration of the LOI Term.

 

    	 	1	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Lease
    Agreement:	Subject
    to the terms of this LOI, including the LOI Requirements described below and other mutually agreed upon terms and provisions,
    Landlord and Tenant will work together in good faith to mutually agree on the terms, provisions and obligations of a Lease
    Agreement (“Lease”) and execute and deliver to one another the Lease prior to the expiration of the LOI Term.
	 	 
	License/
    Authorization:	Tenant
    represents and warrants to Landlord that pursuant to and in compliance with Title 9; Chapter 17 Department of Health Services
    Medical Marijuana Program (the “DHS Rules”) and A.R.S. § 36-2801 et seq., as amended from time to
    time (the “Act”) (the DHS Rules and the Act collectively referred to herein as the “AMMA”), the Arizona
    Department of Health Services (“AZDHS”) awarded a Medical Marijuana Dispensary Registration Certificate (“License”)
    to Medical Marijuana License Holder. Pursuant to its License, Medical Marijuana License Holder is authorized to operate a
    medical marijuana dispensary and cultivation facility and one additional offsite cultivation facility. Pursuant to the Dispensary
    License, the Medical Marijuana License Holder is authorized to cultivate, harvest, prepare and store medical marijuana (“Marijuana”)
    and refine, extract and produce derivative and manufactured products that contain Marijuana (collectively “Marijuana
    Products”). Upon the parties’ mutual execution of the Lease, Tenant shall manage and operate a Medical Marijuana
    Cultivation and Production Facility on behalf of Medical Marijuana License Holder.
	 	 
	Tenant
    Improvements:	Subject
    to force majeure events, including events, conditions, and occurrences that are outside of Landlord’s reasonable control
    that prevent or delay Landlord from performing its obligations, including the parties inability to acquire the necessary zoning
    and land use entitlements for the Premises, Tenant’s inability to acquire from AZDHS, Approval to Operate the Medical
    Marijuana Cultivation and Production Facility and acts of God (collectively, “Force Majeure Events”). Landlord
    shall use commercially reasonable efforts to construct certain mutually agreed upon tenant improvements in the Premises for
    Tenant’s use in accordance with the permitted use set forth herein. Landlord shall prepare plans, drawings and specifications
    for Landlord’s construction of the tenant improvements for Tenant’s review, comment and approval, which shall
    not be unreasonably withheld, and Tenant shall provide Landlord with its approval or denial of the tenant improvements no
    later than five (5) business days after Tenant’s receipt of such plans, specifications and drawings. Following Tenant’s
    approval of Landlord and Tenant must agree on plans, specifications and drawings, Landlord shall control the preparation and
    construction of the Tenant approved, tenant improvements.

 

    	 	2	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Landlord
    Budget:	The
    parties agree Landlord total projected budget for constructing the tenant improvements and developing the Premises is an amount
    equal to or less than Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) (“Landlord Budget”).
    In the event Landlord determines its total projected budget (including hard and soft costs, professional fees and costs, costs
    of permits, and all other related costs, fees and expenses) will likely exceed the Landlord Budget, Landlord shall notify
    Tenant and acquire Tenant’s written approval, which shall not be unreasonably withheld, prior to proceeding with the
    construction of the tenant improvements. The parties shall mutually agree on all projected costs which will likely exceed
    the Landlord Budget (“Additional Budget Costs”). If parties cannot agree on the Additional Budget Costs,
    or which party shall be responsible for payment thereof and construction of the tenant iprovements has not commenced, then
    the Lease and Guaranty shall terminate and the parties shall have no further obligation or liability to one another. Landlord
    shall not be obligated to commence construction or development of the Premises until Landlord and Tenant have approved any
    such Additional Budget Costs and who shall be responsible for payment thereof. If construction of tenant improvements has
    commenced and Landlord and Tenant are unable to agree on Additional Budget Costs and who shall be responsible for payment
    thereof, for a period of time not to exceed fifteen (15) days, then the parties agree the Lease and associated Guaranty shall
    terminate and the parties shall have no obligation or liability to one another pursuant to the requirements and obligations
    of the Lease and associated Guaranty.
	 	 
	Tenant
    Improvement Costs:	The
    Parties agree, upon completion of Landlord’s development of the Premises and construction of the tenant improvements,
    Landlord shall provide Tenant with a complete and accurate accounting of all of the actual costs, fees and expenses, including
    relevant documentation, which Landlord expended and incurred in the development of the Premises and construction of the tenant
    improvements (collectively the “Improvement Costs”). In the event Landlord exceeds the Landlord Budget without
    acquiring Tenant’s prior written approval, such Additional Budget Costs shall not be included in the Improvements Costs
    and Tenant shall not be obligated or required to repay the unapproved Additional Budget Costs. The parties agree Landlord
    shall clearly identify the Improvement Costs in an exhibit to the Lease. The Lease shall contain provisions which stipulate
    that in the event a change in local or state law, prohibits the development of the Premises and/or completion of any portion
    of or all of the agreed upon tenant improvements, the Changes in Law Provisions (defined herein) shall apply.

 

    	 	3	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Rent:	The
    Lease shall contain a Rental Schedule of the type and form attached as Exhibit D herein, which shall contain a complete
    description of the rent, including any additional pro rata costs or fees to be included in the rent, the Improvement
    Costs and Tenant’s pro rata share of all use taxes, sales taxes, transaction privilege taxes, excise taxes, and
    other similar taxes associated with the Lease (the aforementioned collectively referred to herein as the “Total Rent”).
    All payments to be made by Tenant to Landlord under the Lease shall be made in such form as is acceptable to Landlord, and
    Landlord shall not be obligated to accept any payments in cash. Once again the parties agree, the Lease shall provide that
    in the event a change in local or state law prohibits the development of the Premises and/or completion of any portion of
    or all of the agreed upon tenant improvements, the Changes in Law Provisions (defined herein) shall apply.

 

	Rent
    Commencement:	Tenant
    shall begin to remit payment of the Total Rent to Landlord on the commencement date defined in the Lease, and thereafter on
    the first (1st) day of each calendar month, during the term of the Lease (without notice or demand, and without set off, abatement,
    or defense). The commencement date shall occur no later than three (3) business days following:

		(a)	the
                                         date Landlord completes the development of the Premises and construction of the agreed
                                         upon tenant improvements;
		(b)	the
                                         date the Landlord obtains a certificate of occupancy or certificate of completion for
                                         the Premises;
		(c)	the
                                         date the Landlord obtains all applicable zoning and land use entitlements required to
                                         operate the Premises for the use described herein;
		(d)	the
                                         date the Arizona Department of Health Services (“AZDHS”) grants Medical Marijuana
                                         License Holder Approval to Operate (“ATO”) to operate a Medical Marijuana
                                         Cultivation and Production Facility on the Premises, pursuant to and in compliance with
                                         the AMMA (defined herein) and all applicable rules, requirements and restrictions, for
                                         any portion of or all of the Premises, as the parties mutually agree; and
		(e)	the
                                         date Landlord delivers possession of the Premises to Tenant.

 

	Late
    Charge; Interest:	Any
    payment due under the Lease and not received by Landlord on its due date shall bear interest at the rate of 10% per annum,
    until paid in full, and a late charge equal to 8% of such delinquent payment shall be paid by Tenant without notice or demand.
	 	 
	City
    Approval:	City
    of Tempe zoning code approval for the Building is attached as Exhibit E.
	 	 
	LOI
    Requirements:	This
    LOI and execution of the Lease shall be contingent upon the parties’ mutual satisfaction of the following requirements,
    collectively be referred to herein as the “LOI Requirements”:

 

		(a)	the
                                         parties mutual agreement of all the terms, obligations and provisions contained in the
                                         Lease;

 

    	 	4	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

		(b)	Landlord
                                         obtaining commercially reasonable financing for the development of the Premises and the
                                         construction of the tenant improvements in such amount and on such terms and provisions
                                         as are acceptable to Landlord in its sole and absolute discretion, from a lender approved
                                         by Landlord in its sole discretion;
		(c)	Landlord
                                         shall acquire written approval of all due diligence and underwriting matters required
                                         by Landlord and/or Landlord’s lender;
		(d)	the
                                         parties shall acquire the necessary zoning and land use entitlements as it relates to
                                         the Premises and the use described herein this LOI; and
		(e)	Tenant
                                         shall obtain written approval from AZDHS of the Approval to Operate the Premises as a
                                         Medical Marijuana Cultivation and Production Facility on behalf of Medical Marijuana
                                         License Holder; and
		(f)	The
                                         parties’ mutual approval of the plans, specifications and drawings for the development
                                         of the Premises and tenant improvements.

 

	Tenant
    Use:	Landlord
    agrees to lease the Premises to Tenant for its use and occupancy as a duly licensed Medical Marijuana Cultivation and Processing
    Facility, Tenant shall manage and operate Marijuana Cultivation and Production Facility, on behalf of Medical Marijuana License
    Holder, pursuant to its Dispensary License, in complete compliance with the AMMA and all applicable laws, requirements and
    restrictions, including ATO from AZDHS. Tenant may not use the Premises for any other purpose, unless the Parties otherwise
    mutually agree in writing.
	 	 
	Authority
    to Operate:	Tenant
    and Guarantor(s) each represent and warrant in conjunction with Medical Marijuana License Holder, they shall use all reasonable
    and diligent efforts to apply for and acquire from AZDHS, Approval to Operate the Medical Marijuana Cultivation and Production
    Facility, pursuant to the AMMA and all other rules, requirements and restrictions and maintain the Dispensary License in good
    standing with AZDHS at all times.
	 	 
	Changes
    in Law:	The
    parties acknowledge and agree the terms and provisions of this LOI as well as the Lease are based upon the details, terms
    and agreed upon obligations on the Effective Date of this LOI and the Lease. The parties acknowledge and agree in the event
    a change in state or local law or any rule, requirement or restriction which prohibits completion of the development of the
    Premises, construction of all the agreed upon tenant improvements, the Parties shall mutually agree to either: (a) take all
    actions reasonably necessary to modify the Lease to reflect its inability to develop the Premises and/or construct any portion
    or all of the agreed upon tenant improvements, or; (b) terminate the Lease and associated Guaranty. In the event such change
    in state or local law prohibits the operation of the Premises as a Medical Marijuana Cultivation and Production Facility,
    or any change in local zoning and land use entitlements prohibit Tenant from occupying and using the entire Premises for the
    use specified in this LOI and in the Lease, the Lease shall terminate or the parties may mutually agree otherwise in writing
    (the aforementioned “Changes in Law Provisions”).

 

    	 	5	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	LOI
    Termination	The
    parties agree in the event the LOI Requirements described herein this LOI are not mutually satisfied on or before the date
    that is ninety (90) days after the Effective Date of this LOI or any change in state or local law prohibits the operation
    of the Premises as a Medical Marijuana Cultivation and Production Facility, this LOI shall terminate, Escrow Agent (defined
    herein) shall return the full Deposit to Tenant, minus $100.00, which shall be paid to Landlord, and the parties shall owe
    no further obligation to one another. In the event despite the parties’ reasonable efforts, the satisfaction of the
    LOI Requirements requires additional time, the parties may mutually agree in writing to extend the term of this LOI.
	 	 
	Federal
    Government Action:	The
    parties hereby acknowledge that they are aware of and fully understand that despite the State of Arizona’s medical marijuana
    laws and the terms and conditions of this Agreement, Arizona medical marijuana cultivators, transporters, distributors or
    possessors may still be arrested by federal officers and prosecuted under federal law. In the event of Federal arrest, seizure
    or prosecution action associated with the parties’ activities described herein, the parties hereby agree to hold each
    other harmless and agree to be individually responsible for any attorney’s fees associated with defending such actions.
    The parties also hereby agree to waive illegality as a defense to any contract enforcement action.
	 	 
	Lease
    Termination:	The
    Parties agree, the following provisions shall be inserted into the Lease: The Lease shall terminate, upon the occurrence of
    any of the following: (i) any grossly negligent or intentional or willful misconduct pursuant to the Lease or Guaranty, committed
    by either Party; (ii) any Federal enforcement action as decribed in the aforementioned section, against either Party, having
    the affect of prohibiting the operation of the Medical Marijuana Cultivation and Production Facility on the Premises; (iii)
    any change or revocation of State or local law, which shall have the effect of prohibiting the legal operation of the Medical
    Marijuana Cultivation and Production Facility on the Premises, following any period of contest or appeal of such change or
    revocation; (iv) AZDHS’ refusal to approve an application to renew the Dispensary License, through no fault of Tenant;
    (v) failure to maintain the Dispensary License in good standing resulting in AZDHS’ revocation of the Dispensary License,
    through no fault of Tenant; (vi) filing of any state enforcement action against Landlord, Tenant or Medical Marijuana License
    Holder, or any of their respective members, managers, directors, principal officers or partner; or (vii) the actions of another
    tenant leasing any portion of the Property, has the effect of prohibiting the legal operation of the Medical Marijuana Cultivation
    and Production Facility. The termination of the Lease for any of the aforementioned reasons shall not prevent the non-breaching
    Party from pursuing all rights and remedies provided in the Lease.

 

    	 	6	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Guarantor(s):	Nolan
    Ryan, a single man, Steve Cottrell, a married man as his sole and separate property, Matt Cottrell, a single
    man, and their respective heirs, personal representatives, successors and assigns.
	 	 
	Guarantee:	Simultaneously
    with Tenant’s execution of the Lease, Guarantors shall execute and deliver to Landlord a Guarantee in Landlord’s
    form, pursuant to which Guarantors will, unconditionally guarantee payment and performance pursuant to the Lease, as it relates
    to repayment of the Tenant Improvement Costs (the “Guarantee”), the Guarantee shall not extend to the terms, obligations
    and provisions of the Lease which are unrelated to the Tenant Improvement Costs. Upon Tenant’s complete repayment of
    the Tenant Improvement Costs Landlord agrees upon Tenant’s complete repayment of the Tenant Improvement Costs, Landlord
    shall terminate the Guarantee and release Guarantors from any future obligations under as it relates to repayment of the Tenant
    Improvement Costs. The parties shall mutually agree, execute and deliver a complete Guaranty Agreement, which shall be attached
    as an exhibit to the Lease.
	 	 
	Licensed
    Marijuana Project

Compliance Agreement:	Tenant
    acknowledges and agrees that attached to Landlord’s form of Lease will be Landlord’s form of Licensed Marijuana
    Project Compliance Agreement, which will form part of the Lease and Tenant’s obligations under the Lease, with which
    Tenant shall review and upon approval of the terms and obligations provided therein, agree to comply.
	 	 
	Attorney’s
    Fees and Costs:	The
    parties shall mutually agree on reasonable default and remedy provisions which shall be contained in the Lease. In the event
    of a dispute between the parties during the term of the Lease, the prevailing party in any action or proceeding to enforce
    the terms of the Lease or Guaranty, in any appeal thereon, or to declare rights thereunder, shall be entitled to reasonable
    attorneys’ fees and costs and costs of collection. Such reasonable costs may be awarded in the same proceeding or recovered
    in a separate proceeding.
	 	 
	No
    Brokers:	Landlord
    and Tenant represent and warrant to each other that neither Landlord, nor Tenant, have been, or will be, represented by any
    broker in connection with this LOI or the Lease, and no broker commission or finder’s fee shall be payable as a result
    of the Lease.

 

    	 	7	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Assignment/Amendment:	The
    parties may not change, amend, modify, issue, sell, transfer, convey, encumber, or pledge (or permit to be changed, amended,
    modified, issued, sold, transferred, conveyed, encumbered, or pledged) any ownership, management, or voting right or interest
    in this LOI or the Lease, by operation of law or otherwise, without the prior written consent and approval of all the Parties
    to the LOI or Lease, as applicable. In the event the Lease is assigned, transferred and conveyed for any reason described
    herein, the parties agree the obligations, rights and requirements of the assigning party shall be assumed, transferred and
    conveyed to assignee, as a condition precedent to the assignment, without releasing or discharging Tenant. However, Landlord
    and Tenant are authorized to assign, transfer and convey its interest in this LOI or the Lease to an entity wholly owned or
    controlled by the assigning party, without acquiring the written consent of the non-assigning party, so long as the assigning
    party provides the non-assigning party with written notice of such assignment no more than fifteen (15) business days following
    the assignment.

 

The
parties may only amend or modify this LOI or the Lease with the written consent of all the parties.

 

	Improvements:	Tenant
    may not make any improvements, alterations, additions, or modifications to the Premises without the prior written consent
    and approval of Landlord, which shall not be unreasonably withheld. Upon completion of the development of the Premises and
    construction of the tenant improvements, Landlord shall not make any improvements, alterations, additions, or modifications
    to the Premises without the prior written consent and approval of Tenant, which shall not be unreasonably withheld.
	 	 
	Subordination:	The
    parties agree the the Lease and Tenant’s rights under the Lease shall be subject and subordinate to any and all liens,
    mortgages or deeds of trust placed on the Premises by Landlord’s lender for the purpose of developing the Premises and/or
    constructing the agreed upon tenant improvements, now or in the future, unless the holder of such lien, mortgage or deed of
    trust elects to make the Lease senior to such lien, mortgage or deed of trust. Landlord agrees to request a non-disturbance
    agreement for Tenant’s benefit from Landlord’s lender(s), in form and content acceptable to Landlord’s lender(s).

 

    	 	8	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Insurance:	During
    the term of the Lease, Tenant shall carry and maintain the following insurance coverage for the Premises: (a) fire, casualty
    and extended coverage insurance on Tenant’s fixtures, improvements and other property for not less than the full replacement
    value, together with business interruption coverage, as Landlord may reasonably require; (b) commercial liability insurance
    insuring Tenant against any liability arising out of the Lease, use, occupancy or maintenance of the Premises and the business
    operated by Tenant, including that from personal injury or property damage in or about the Premises or as a result of the
    conduct of Tenant’s business activities, insuring Landlord, and any designated mortgagee of Landlord, and Tenant, and
    naming Landlord and any designated mortgagee of Landlord as an additional insured therein, Such insurance shall be in the
    minimum amounts of not less than $3,000,000 per occurrence against liability for bodily injury including death and personal
    injury for any single occurrence and not less than $3,000,000 per occurrence for property damage, and combined single limit
    insurance insuring for bodily injury, death and property damage in an amount of not less than $3,000,000. The policy shall
    insure the hazards of the Premises and Tenant’s operations therein, shall include independent contractor and contractual
    liability coverage (covering the indemnities contained in the Lease) and shall name Landlord, Landlords managing agent and
    the Landlord’s mortgagee as an additional insured, and contain a cross-liability provision, and contain a provision
    that the insurance provided hereunder shall be primary and non-contributing with any other insurance available to Landlord;
    (c) Workers’ compensation insurance for the benefit of all employees entering upon the Premises as a result of or in
    connection with the employment by Tenant; and (d) such other and additional forms of insurance as may be required by Landlord
    to cover future risks against which Landlord or Tenant would protect themselves. All policies shall be written in a form satisfactory
    to Landlord and shall be written by insurance companies licensed with a Best’s rating and Financial Size Category Rating
    of “A++” and authorized to do business in the state in which the Building is situated. Tenant shall furnish to
    Landlord, prior to Tenant’s entry into the Premises and thereafter within thirty (30) days prior to the expiration of
    each such policy (or renewal thereof), a certificate of insurance issued by the insurance carrier of each policy of insurance
    carried by Tenant pursuant hereto, together with a copy of the policy declaration page(s), certifying that such policy(ies)
    has been issued, provides coverage required by this LOI and the Lease (including name of additional insured entities) and
    a statement that no deductible or self-insurance retention applies to such policy and upon request by Landlord, a copy of
    each such policy of insurance. The Lease shall contain Landlord’s form of waiver of subrogation, and additional terms,
    provisions, waivers, and agreements on the part of Tenant with respect to insurance and insurance related matters.

 

	Tenant
    Indemnity:	Tenant
    agrees to indemnify, defend and hold harmless, Landlord, and Landlord’s officers, directors, employees, contractors,
    representatives, agents, successors and assigns, for, from and against any and all claims, losses, damages, demands, fines,
    penalties, liens, actions, suits, obligations, liabilities, judgments, costs and expenses, including reasonable attorneys’
    fees and court costs, arising from, relating to, associated with, in connection with, or resulting in any way from: (a) Tenant’s
    use or occupancy of the Premises, (b) the conduct of Tenant’s business activities, including, without limitation, business
    activities conducted on or at the Premises, (c) any act or omission of Tenant or any of Tenant’s employees, agents,
    contractors, representatives, invitees, customers, guests, and (d) any breach or default by Tenant under or pursuant to the
    Lease, including any violation of applicable laws. Nothing herein shall be construed to require Tenant to indemnify Landlord,
    and Landlord’s officers, directors, employees, contractors, representatives, agents, successors and assigns, from any
    intentional, grossly negligent, fraudulent or willful misconduct by Landlord, and Landlord’s officers, directors, employees,
    contractors, representatives, agents, successors and assigns.

 

    	 	9	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Landlord
    Indemnity:	Landlord
    agrees to indemnify, defend and hold harmless, Tenant, and Tenant’s officers, directors, employees, contractors, representatives,
    agents, successors and assigns, for, from and against any and all claims, losses, damages, demands, fines, penalties, liens,
    actions, suits, obligations, liabilities, judgments, costs and expenses, including reasonable attorneys’ fees and court
    costs, arising from, relating to, associated with, in connection with, or resulting in any way from: (a) Landlord’s
    use or occupancy of the Property, (b) the conduct of Landlord’s business activities, including, without limitation,
    business activities conducted on or at the Property, (c) any act or omission of Landlord or any of Landlord’s employees,
    agents, contractors, representatives, invitees, customers, guests, and (d) any breach or default by Landlord under or pursuant
    to the Lease, including any violation of applicable laws. Nothing herein shall be construed to require Landlord to indemnify
    Tenant, and Tenant’s officers, directors, employees, contractors, representatives, agents, successors and assigns, from
    any intentional, grossly negligent, fraudulent or willful misconduct by Tenant, and Tenant’s officers, directors, employees,
    contractors, representatives, agents, successors and assigns.
	 	 
	Defaults;
    Remedies:	The
    parties shall mutually agree complete default and remedy provisions shall be clearly defined and articulated in the Lease.
	 	 
	Arbitration:	Any
    controversy or claim arising out of or relating to this LOI, by, between or among the parties, or the breach thereof, shall
    be settled by mandatory binding arbitration administered by the American Arbitration Association (“AAA”), under
    its Commercial Arbitration Rules or other applicable governmental regulatory agency. The arbitrator’s decision shall
    be final and legally binding and judgment may be entered thereon. Each party initially shall be responsible for its share
    of the arbitration fees and costs in accordance with the applicable Rules of Arbitration. In the event a party fails to proceed
    with arbitration, unsuccessfully challenges the arbitrator’s award, in court, or fails to comply with the arbitrator’s
    award, the other party entitled to costs of suit, including reasonable attorneys’ fees and costs for having to compel
    arbitration or defend or enforce the award.
	 	 
	Compliance
    with Laws:	In
    connection with this LOI, the Lease, the Premises, and the conduct of Tenant’s business activities, Tenant shall comply
    in all respects with the AMMA, and all applicable laws, requirements, regulations and restrictions (including, without limitation,
    laws regulating the environment and hazardous substances and materials.
	 	 
	No
    Hazardous Materials:	Tenant
    may not use, generate, store, dispose of, release, or bring onto the Premises (or permit to be used, generated, stored, disposed
    of, released, or brought onto the Premises) any hazardous, substances or materials, or any regulated substances or materials,
    without the prior written consent and approval of Landlord.
	 	 
	Production
    Equipment:	The
    Parties acknowledge and agree, Landlord expressly authorizes Tenant to utilizie, operate and store all furniture, equipment
    and materials required to refine, extract and produce manufactured and derivative products which contain Marijuana, including
    waxes, concentrates and other related materials, recognizing that the production and extraction process requires the use of
    flammable materials,. Tenant warrants the production and extraction process shall be conducted on the Premises, at all times
    in complete compliance with the AMMA and all applicable local and state laws, rules, requirements and restrictions.

 

    	 	10	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Lease
    Security Deposit:	Upon
    Tenant’s execution of the Lease and delivery of the same to Landlord, Tenant shall pay to Landlord the following sums
    and amounts: (a) after the application of the Deposit, the remaining amount required as a security deposit in an amount equal
    to the last month’s rent payment due under the Lease (including additional rent payment for the last month of the term
    of the Lease); and (b) the first and last months’ Total Rent payments due under the Lease, all in immediately available
    U.S. funds. The security deposit shall be governed, applied, held, replenished, and returned to Tenant in accordance with
    the terms of the Lease, provided that in no event shall Tenant be entitled to receive any interest on the security deposit
    or prepaid amounts, and Landlord may comingle such security deposit and prepaid amounts with Landlord’s general funds.
	 	 
	Escrow
    Agent/Escrow	The
    parties agree the term “Escrow Agent shall mean Arizona Escrow & Financial Corporation, with a principal place of
    business located at 3333 E. Camelback Road, Suite 110, Phoenix, Arizona 85018 and shall serve as the Escrow Agent for the
    matter contemplated herein. The parties shall mutually bear the responsibility for payment of all costs, fees and expenses
    incurred by Escrow. The parties agree within three (3) days following the date on which Escrow Agent had in its possession
    one (1) fully executed original, facsimile or email counterpart of this LOI, Escrow Agent shall indicate the “Opening
    of Escrow” and provide written evidence of the same (“Escrow”).
	 	 
	LOI
    Deposit:	The
    parties agree, within one (1) day following the mutual execution of this LOI, Tenant shall deposit into Escrow, an amount
    equal to Seventy Five Thousand and 00/100 Dollars ($75,000.00) (the “Deposit”) with Escrow Agent. The Deposit
    shall be deemed nonrefundable, except that in the event the LOI Requirements are not satisfied within the term of this LOI,
    this LOI shall terminate and Escrow Agent shall refund to Tenant, the Deposit, minus $100.00. Upon execution and delivery
    of the Lease by Landlord and Tenant, and payment of the security deposit and other prepaid amounts, the parties shall authorize
    Escrow Agent to release the Deposit to Landlord and Landlord shall apply the Deposit as a credit to the security deposit to
    be paid by Tenant pursuant to the Lease.
	 	 
	Utilities:	All
    utilities and utilities services for Tenant pro rata portion of the Premises shall be placed and held in Tenant’s
    name and paid for by Tenant unless otherwise directed by Landlord.
	 	 
	Entry;
    Access:	Following
    the mutual execution of this Letter of Intent and the Lease, the parties agree Landlord shall begin construction of the agreed
    upon tenant improvements and development of the Premises. The parties agree during such time, Landlord shall be responsible
    for all personnel, employees and independent contractors who will require access to the Premises.

 

    	 	11	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

Upon
the substantial completion of the construction of the agreed upon tenant improvements and development of the Premises,
Tenant shall provide Landlord with notice of the date on which it intends to occupy the Premises with the equipment,
furniture, machinery and fixtures required to begin operating and managing the Marijuana Cultivation and Production Facility
on behalf of Medical Marijuana Dispensary License Holder (“Restricted Access Date”) and such notice shall be
provided to Landlord at least seven (7) calendar days prior to the Resricted Access. Upon Landlord’s receipt of notice
of the Restricted Access Date, Landlord’s management of all personnel, employees and independent contractors who
require access to the Premises shall terminate. Subsequent to the Restricted Access Date, Landlord shall provide Tenant with
a complete list of all personnel, employees and/or independent contractors who will require access to the Premises
(“Authorized Personnel”), which Landlord shall supplement and modify from time to time as required.

 

Landlord
and Authorized Personnel shall provide Tenant with a request to enter the Premises, including a description of the purpose of
its request, at least two (2) business days, prior to the intended date of entry and upon receipt of Tenant’s approval,
which shall not be unreasonably withheld, Landlord and/or Authorized Personnel may enter the Premises. Landlord and/or Authorized
Personnel must be accompanied at all times, by a Dispensary Agent, Director or Principal Officer of the Medical Marijuana License
Holder and in complete compliance with the AMMA and all rules, requirements and restrictions. Landlord and/or its Authorized Personnel
shall have the right to enter the Premises to continue the construction of the agreed upon tenant improvements and development
of the Premises, to perform any of Landlord’s obligations, to inspect the Premises, in the event of an Emergency (defined
herein) or as otherwise mutually agreed to by the parties to the Lease.

 

Within
two (2) business days following the Access termination Date, the parties shall also execute a Confidentiality and Nondisclosure
Agreement, pursuant to which Landlord and its Authorized Personnel agree to keep confidential all of Tenant’s confidential
and proprietary information, including any documents, details or information regarding its processes, products, employees, independent
contractors, operations and any other matters regarding Tenant and its business. In addition, the parties acknowledge and agree
Tenant is currently party to certain contracts and agreements which require the protection of certain third party confidential
and proprietary information, as such the terms and provisions contained in the Confidentiality and Nondisclosure Agreement must
comply with the obligations contained in sich contracts and agreement.

 

For
purposes herein this Letter of Intent, an “Emergency” constitutes a fire or police emergency, which presents an imminent
threat to the Premises, the occupants of the Premises, or that may reasonably result in extensive damage to the Premises. All
such entries shall be conducted in compliance with the AMMA and all applicable rules, requirements and restrictions.

 

    	 	12	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Maintenance
    and Repair: 	Provided
    that Tenant is not in breach or default under the Lease, and except for maintenance, repairs, or replacements required to
    be made as a result of the acts or omissions of Tenant or Tenant’s employees, agents, contractors, representatives,
    invitees, customers, guests, and subject to Force Majeure Events, Landlord shall use commercially reasonable efforts to maintain
    and repair, as necessary, the perimeter wall surrounding the Building and parking areas, any monument sign maintained by Landlord,
    parking areas surrounding the Building, any exterior landscaping, and exterior utility lines running from the street to the
    outer edge of the inside wall of the Premises in good condition and repair. Tenant agrees to pay to Landlord, as additional
    rent, on a monthly basis and in accordance with the Lease, Tenant’s pro rata share of all of the costs and expenses
    incurred or paid by Landlord in the performance of Landlord’s maintenance and repair duties and obligations. Tenant’s
    pro rata share shall be calculated based on the square footage of the Premises as a percentage of the total square
    footage of the Building, as determined by Landlord, and as set forth in the Lease. In no event shall Landlord be liable or
    responsible to Tenant (or subject to any claim by Tenant for damages or abatement of rent or otherwise) for any interruption
    or cessation in any utility service or other service to the Premises.

 

Tenant
shall maintain, repair and replace all of Tenant’s equipment, personal property, inventory, trade fixtures, and improvements
in good, safe condition and repair and in accordance with all applicable laws. Tenant shall regularly inspect, maintain, repair
and replace, including making capital improvements and capital repairs, the Premises and all aspects, systems, parts, and components
of the Premises in good, safe working order condition and repair and in accordance with all applicable laws. Except in case of
an emergency (in which event Tenant shall immediately notify Landlord in writing of such emergency), Tenant shall notify Landlord
in writing at least fifteen (15) days prior to Tenant undertaking any repair or replacement costing in excess of $5,000.00 per
occurrence, and shall provide Landlord with a reasonably detailed description of the repair or replacement to be undertaken by
Tenant and the names of Tenant’s contractors (who must be approved in writing in advance by Landlord), and any other information
regarding such repair or replacement as Landlord may request. Landlord may require Tenant to post a payment and performance bond
for any improvements to be made by Tenant and for any repairs or replacements to be made by Tenant.

 

	Right
    of First Refusal On

Adjacent Space:	The
    parties acknowledge and agree, in the event a change in state or local law prohibits the legal operation of a medical marijuana
    cultivation and production facility in the portion of the Property adjacent to the Premises and consisting of approximately
    15,000 square feet (“Adjacent Premises”) and the Adjacent Premises is available, Tenant shall have a first right
    of refusal to lease the Adjacent Premises for an amount equal to the fair market value of the Adjacent Premises for a non-medical
    marijuana use. The details of such right of first refusal shall be more fully described in the Lease.

 

In
the event the zoning and land use entitlements required by the City of Tempe are modified to allow for a medical marijuana cultivation
and production facility to exceed 25,000 square feet, Tenant shall have a first right of refusal to expand its Medical Marijuana
Cultivation and Production Facility and lease the Adjacent Premises for the uses described herein.

 

	No
    Liens:	Tenant
    shall at all times keep and maintain the Premises free and clear of any and all liens (including consensual liens), and all
    mechanics’ and materialmens’ liens and notices and claims of liens arising from or relating to any work, repairs
    or replacements made or to be made by Tenant.

 

    	 	13	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Damage
    and Destruction: 	Except
    in the event such damage or destruction is caused by Tenant or by Tenant’s employees, agents, contractors, representatives,
    invitees, customers, guests (in which event Tenant shall be responsible for repairing and restoring the Premises), and subject
    to Force Majeure Events, Landlord shall use commercially reasonable efforts to repair and restore the Premises in the event
    of damage or destruction to the Premises following Landlord’s receipt of Landlord’s insurance proceeds relating
    thereto, and only to the extent of such insurance proceeds paid to Landlord, less Landlord’s costs in obtaining such
    insurance proceeds (unless such costs are otherwise reimbursed to Landlord). In no event shall rent or additional rent abate
    under the Lease as a result of damage or destruction to the Premises. In no event shall Landlord repair or restore any of
    Tenant’s equipment, personal property, inventory, trade fixtures, or improvements. Tenant shall pay to Landlord, as
    additional rent, Tenant’s pro-rata share of all insurance premiums and costs incurred or paid by Landlord to provide
    and maintain casualty and liability insurance for the Building and surrounding areas, including any deductible amount to be
    paid by Landlord under such policies. Landlord may terminate the Lease if the Premises or the Building are damaged in any
    material respect during the last 18 months of the term of the Lease. Tenant waives all rights and benefits under or pursuant
    to Arizona Revised Statutes Section 33-343 and other similar rights and statutes. All other provisions regarding damage and
    destruction to the Premises shall be governed by the terms of the Lease.
	 	 
	Parking:	Tenant
    may use a pro rata share of the onsite parking spaces available for the Building, as designated by Landlord, on a non-exclusive
    and unreserved basis with other tenants, and in accordance with such parking rules and regulations promulgated by Landlord
    from time to time.
	 	 
	Signage:	Tenant
    may use a pro rata share of the space available on any monument sign maintained by Landlord for the Building, as designated
    by Landlord, on a non-exclusive basis with other tenants to display Tenant’s signage, subject to Landlord’s reasonable
    approval. All other signage of Tenant shall be subject to Landlord’s prior written consent and approval.
	 	 
	Estoppel:	The
    Lease shall contain a covenant for the Tenant to sign from time to time upon Landlord’s request an estoppel, in form
    reasonable acceptable to Landlord.
	 	 
	Confidentiality:	The
    parties acknowledge and agree that in connection with the correspondence and negotiations related to this LOI and the Lease,
    the parties have furnished and will continue to furnish one another with information and documentation that is either non-public,
    confidential or proprietary in nature. Except as necessary pursuant to Landlord’s disclosure requirements or Landlord’s
    lender requirements, all such information concerning this LOI and the Lease (whether or not reduced to writing or specifically
    identified as non-public, confidential or proprietary), and all analyses, compilations, information, data, studies or other
    documents to the extent based on such furnished information or reflecting any party’s review of such furnished information
    is hereinafter (collectively referred to as the “Confidential Information”). The parties acknowledge and agree
    the Confidential Information will be kept confidential and will not, without the prior written consent of the disclosing party
    or except as otherwise provided for in this LOI, be disclosed in any manner whatsoever, in whole or in part, and will not
    be used directly or indirectly for any purpose other than this LOI and the Lease. Moreover, the receiving party agrees to
    transmit the Confidential Information only to those representatives (including, but not limited to members, partners, officers,
    directors, auditors, counsel and employees) within their organization or those of their affiliates, or companies that are
    confidentially bound to said receiving party under the same terms set forth herein, who need to know the Confidential Information
    for the purposes of evaluations and negotiations and who are informed of the confidential nature of the Confidential Information.
    Each party will be responsible for any breach of this Agreement by any of its respective representatives. Each party will
    immediately notify the other party if it discovers Confidential Information has been disclosed in violation of the terms of
    this LOI.

 

    	 	14	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Limitation
    on Liability:	Landlord’s
    liability under the Lease shall be limited to Landlord’s interest in the Building and the rents and profits therefrom,
    and Tenant shall look solely to Landlord’s interest in the Building for satisfaction of any liability of Landlord in
    respect to the Lease. Tenant’s liability under the Lease shall be limited to Tenant’s obligations pursuant to
    the Lease and its occupation of the Premises, and Landlord shall look solely to Tenant’s obligations pursuant to the
    Lease and its occupation of the Premises.
	 	 
	Surrender:	Upon
    termination or expiration of the Lease, Tenant shall remove all of Tenant’s equipment, personal property, trade fixtures,
    furniture, and inventory from the Premises and to repair any damage caused by such removal, and to surrender the Premises
    to Landlord in good, safe working order condition and repair, and in accordance with the other terms of the Lease.
	 	 
	Tenant’s
    Cost:	All
    of Tenant’s duties and obligations under this LOI and the Lease shall be performed and satisfied by Tenant at Tenant’s
    sole cost and expense.
	 	 
	Damages:	In
    no event shall Landlord be liable to Tenant (or be subject to any claim from Tenant) for any damage or destruction to any
    of Tenant’s equipment, personal property, inventory, trade fixtures, or improvements, and Tenant agrees to provide adequate
    insurance coverage for all such matters, items, risks and losses.

 

In
no event shall Landlord be liable to Tenant or any person claiming through or under Tenant for any consequential, exemplary or
punitive damages under or pursuant to the Lease.

 

	Time
    is of Essence:	Time
    is of the essence for the performance of Tenant’s duties and obligations under this LOI.
	 	 
	Governing
    Law:	This
    LOI and the Lease shall be governed by the laws of the State of Arizona (without regard to conflict of laws).
	 	 
	Venue
    and Jurisdiction:	Venue
    and exclusive jurisdiction for any action arising out of this LOI and the Lease shall be in Superior Court, Maricopa County,
    Arizona, and Tenant and Guarantor(s) hereby waive any and all defenses relating to such jurisdiction and venue.

 

    	 	15	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

	Counterparts:	This
    LOI may be executed in any number of counterparts, and all such counterparts shall constitute a single document.
	 	 
	Drafter:	Tenant
agrees that no provision contained in this LOI or the Lease shall be constructed against Landlord, the drafter of this LOI or
the Lease, solely by virtue of Landlord being the drafter.

	 	 
	Binding
    LOI:	This
        LOI constitutes a binding and valid agreement on the part of Landlord and Tenant.

         

	 	 
	Effective
    Date:	The
Effective Date of this LOI shall be the date that is three (3) business days after the mutual execution and delivery of this LOI
by Landlord and Tenant.

	 	 
	Expiration:	If
this LOI is not executed by Landlord, Tenant and Guarantor(s) on or before 5:00 PM, Arizona Time, on March 18, 2016, then this
LOI shall terminate and expire and be of no further force or effect.

 

[Space
Intentionally Left Blank. Signatures on the Following Page.]

 

    	 	16	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

IN
WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS LOI,

 

TENANT:

 

CATALINA
PART ERS III L an Arizona limited liability company

 

	By:	/s/
    Matthew     J Cottrell	 
	Name:	Matthew
    J Cottrell	 
	Its:	CEO	 
	Date:	March
    10th, 2016	 

 

GUARANTORS:

 

	/s/
    NOLAN RYAN	 
	NOLAN
    RYAN, a single man	 
	 	 
	/s/
    STEVE COTTRELL	 
	STEVE
    COTTRELL, a married man as his sole and separate property	 
	 	 
	/s/
    MATT COTTRELL	 
	MATT
    COTTRELL, a single man	 

 

MEDICAL
MARIJUANA LICENSE HOLDER:

 

CATALINA
HILL BOTANICAL. CARE, INC., an Arizona nonprofit corporation

 

	By:	/s/
    Matthew     J Cottrell	 
	Name:	Matthew
    J Cottrell	 
	Its:	Board
    Member	 

 

LANDLORD:

 

ZONED
PROPERTIES, INC. 

 

	By:	/s/
    BRYAN McLAREN	 
	Name:	BRYAN
    McLAREN	 
	Its:	CEO	 
	Date:	MARCH 15, 2016	 

 

    	 	17	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

EXHIBIT
A:

LEGAL
DESCRIPTION OF PROPERTY, BUILDING AND PREMISES

 

	Parcel
    ID:	124-39-038
	 	 
	Property
    Address:	410
    S. Madison Dr. Suite C
		Tempe,
    AZ 85281 

 

	Building:	Tempe
    Cultivation Site, multi-tenant building containing approximately 60,000 square feet of space, including all common areas and
    common walls
	 	 
	Premises:	Approximately
    25,000 square feet of vacant warehouse located in the center of the Building, respectively Suite C.
	 	 
	 	The
    Authority to Operate (ATO) for the Medical Marijuana Cultivation and Production Site will be held by Catalina Hills Botanical
    Care, Inc. pursuant to its Dispensary License.

 

    	 	18	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

EXHIBIT
B:

OUTLINE
OF THE PREMISES

 

 

 

    	 	19	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

EXHIBIT
C: 

ADDITIONAL
LEASE TERMS

 

	Lease:	Triple
    Net (NNN), meaning that all rent to be paid to Landlord shall be absolutely net to Landlord so that the Lease shall yield
    net to Landlord the rent to be paid each month during the term of the Lease, and Tenant shall pay either directly or as reimbursement
    to Landlord for all costs, expenses and obligations of every kind or nature whatsoever relating to the Premises which may
    arise or become due during the term of the Lease, including, without limitation, all costs and expenses of operation, maintenance,
    ownership, repairs (including capital repairs), replacements (including capital replacements), utilities, insurance and taxes
    (including real estate taxes and assessments, but excluding Landlord's personal income taxes) relating to the Premises, and
    Tenant's pro rata share of Landlord's costs and expenses relating to any shared or common walls, common areas or common
    improvements, including the parking areas, the perimeter wall, any monument sign, the exterior landscaping and utility lines
    and equipment, and other similar costs.
	 	 
	Premises:	25,000
    Square Feet within Suite C.
	 	 
	Lease
    Term:	Ten
    (10) years commencing on the Rent Commencement and ending on the last day of the month that is ten (10) years after the occurrence
    of Rent Commencement.
	 	 
	Renewal
    Option:	Provided
    that Tenant is not in breach or default under the Lease, and further provided that Tenant shall give Landlord written notice
    (at least one (1) year prior to the expiration of the term of the Lease) of Tenant's election to renew the term of the Lease,
    Tenant may renew or extend the term of the Lease for one (1) period of five (5) years, on the same terms as are provided in
    the Lease,.

 

	Rental

    Schedule:	See
    Exhibit D

 

    	 	20	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

EXHIBIT
D:

RENTAL
SCHEDULE

 

	Year	 	Commencement	 	Months (Period)	 	Base
 Monthly 
 Rent
	 	 	Monthly CAM Charge*	 	 	Rental Tax
 (2.3%)*
	 	 	Property Taxes
 (1/12)*
	 	 	Total Monthly
 Payment
	 	 	Total Period Payment	 	 	Base Rental Rate
 (per sq. ft.)
	 	 	Rentable
 Area (sq. ft)
	 
	1	 	TBD	 	01	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	25,000	 
	1	 	TBD	 	02-06	 	$	50,000.00	 	 	$	1,481.39	 	 	$	1,184.07	 	 	$	1,740.67	 	 	$	54,406.13	 	 	$	272,030.66	 	 	$	24.0	 	 	 	25,000	 
	1	 	TBD	 	07-12	 	$	56,250.00	 	 	$	1,481.39	 	 	$	1,327.82	 	 	$	1,740.67	 	 	$	60,799.88	 	 	$	364,799.29	 	 	$	27.0	 	 	 	25,000	 
	2	 	TBD	 	13-24	 	$	64,583.33	 	 	$	1,481.39	 	 	$	1,519.49	 	 	$	1,740.67	 	 	$	69,324.88	 	 	$	831,898.58	 	 	$	31.0	 	 	 	25,000	 
	3	 	TBD	 	25-36	 	$	64,583.33	 	 	$	1,481.39	 	 	$	1,519.49	 	 	$	1,740.67	 	 	$	69,324.88	 	 	$	831,898.58	 	 	$	31.0	 	 	 	25,000	 
	4	 	TBD	 	37-48	 	$	64,583.33	 	 	$	1,481.39	 	 	$	1,519.49	 	 	$	1,740.67	 	 	$	69,324.88	 	 	$	831,898.58	 	 	$	31.0	 	 	 	25,000	 
	5	 	TBD	 	49-60	 	$	64,583.33	 	 	$	1,481.39	 	 	$	1,519.49	 	 	$	1,740.67	 	 	$	69,324.88	 	 	$	831,898.58	 	 	$	31.0	 	 	 	25,000	 
	6	 	TBD	 	61-72	 	$	65,625.00	 	 	$	1,481.39	 	 	$	1,543.45	 	 	$	1,740.67	 	 	$	70,390.51	 	 	$	844,686.08	 	 	$	31.5	 	 	 	25,000	 
	7	 	TBD	 	73-84	 	$	65,625.00	 	 	$	1,481.39	 	 	$	1,543.45	 	 	$	1,740.67	 	 	$	70,390.51	 	 	$	844,686.08	 	 	$	31.5	 	 	 	25,000	 
	8	 	TBD	 	85-96	 	$	65,625.00	 	 	$	1,481.39	 	 	$	1,543.45	 	 	$	1,740.67	 	 	$	70,390.51	 	 	$	844,686.08	 	 	$	31.5	 	 	 	25,000	 
	9	 	TBD	 	97-108	 	$	65,625.00	 	 	$	1,481.39	 	 	$	1,543.45	 	 	$	1,740.67	 	 	$	70,390.51	 	 	$	844,686.08	 	 	$	31.5	 	 	 	25,000	 
	10	 	TBD	 	109-120	 	$	65,625.00	 	 	$	1,481.39	 	 	$	1,543.45	 	 	$	1,740.67	 	 	$	70,390.51	 	 	$	844,686.08	 	 	$	31.5	 	 	 	25,000	 
	11	 	TBD	 	121-132	 	$	83,333.33	 	 	$	1,481.39	 	 	$	1,950.74	 	 	$	1,740.67	 	 	$	88,506.13	 	 	$	1,062,073.58	 	 	$	40.0	 	 	 	25,000	 
	12	 	TBD	 	133-144	 	$	83,333.33	 	 	$	1,481.39	 	 	$	1,950.74	 	 	$	1,740.67	 	 	$	88,506.13	 	 	$	1,062,073.58	 	 	$	40.0	 	 	 	25,000	 
	13	 	TBD	 	145-156	 	$	83,333.33	 	 	$	1,481.39	 	 	$	1,950.74	 	 	$	1,740.67	 	 	$	88,506.13	 	 	$	1,062,073.58	 	 	$	40.0	 	 	 	25,000	 
	14	 	TBD	 	157-168	 	$	83,333.33	 	 	$	1,481.39	 	 	$	1,950.74	 	 	$	1,740.67	 	 	$	88,506.13	 	 	$	1,062,073.58	 	 	$	40.0	 	 	 	25,000	 
	15	 	TBD	 	169-180	 	$	83,333.33	 	 	$	1,481.39	 	 	$	1,950.74	 	 	$	1,740.67	 	 	$	88,506.13	 	 	$	1,062,073.58	 	 	$	40.0	 	 	 	25,000	 

 

	*Annual CAM Budet, Rental Tax, and Property Taxes are subject to annual industry adjustments

 

    	 	21	 

     

    

 

	 	 	 
	 	14300 N. Northsight Blvd #208
	 	Scottsdale, AZ 85260

 

 

 

EXHIBIT
E:

CITY
OF TEMPE ZONING CODE APPROVAL

 

 

 

 

 

 

 

 

WWW.ZONEDPROPERTIES.COM

877-360-8839

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