Document:

Exhibit 10.22

 

THIRD AMENDMENT TO LEASE AGREEMENT

 

THIS THIRD AMENDMENT
TO LEASE AGREEMENT (this “Amendment”) is entered into effective as of the 18th day of February,
2020, by and between IIP-MN 1 LLC, a Delaware limited liability company (“Landlord”), and Minnesota Medical
Solutions, LLC, a Minnesota limited liability company (“Tenant”).

 

RECITALS

 

A.                
WHEREAS, Landlord and Tenant are parties to that certain Lease Agreement dated as of November 8, 2017 (the “Original
Lease”), as amended by that certain First Amendment to Lease Agreement dated as of December 7, 2018 (the “First
Amendment”), and as further amended by that certain Second Amendment to Lease Agreement dated September 25, 2019 (the
 “Second Amendment” and together with the Original Lease and First Amendment, the “Existing Lease”),
whereby Tenant leases the premises from Landlord located at 8740 77th Street Northeast, Otsego, Minnesota; and

 

B.                 
WHEREAS, Landlord and Tenant desire to modify and amend the Existing Lease only in the respects and on the conditions hereinafter
stated.

 

AGREEMENT

 

NOW, THEREFORE, Landlord
and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows:

 

1.                  
Definitions. For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Existing
Lease unless otherwise defined herein. The Existing Lease, as amended by this Amendment, is referred to collectively herein as
the “Lease.” From and after the date hereof, the term “Lease,” as used in the Existing Lease, shall mean
the Existing Lease, as amended by this Amendment.

 

2.                  
TI Allowance. Landlord has agreed to increase the TI Allowance available to Tenant by Fifty Thousand One Hundred
Eighty-Three Dollars ($50,183.00), provided there shall be no adjustment to Base Rent under the Lease. Accordingly, the first sentence
of Section 5.1 of the Original Lease is hereby amended and restated in its entirety as follows:

 

“Tenant shall cause appropriate
improvements consistent with the Permitted Use (the “Tenant Improvements”) to be constructed in the Premises
pursuant to the Work Letter attached hereto as Exhibit E (the “Work Letter”) at a cost to Landlord not
to exceed Five Million Five Hundred Eighty-Eight Thousand Dollars ($5,638,183.00) (the “TI Allowance”).”

 

3.                  
Broker. Tenant represents and warrants that it has not dealt with any broker or agent in the negotiation for or the
obtaining of this Amendment and agrees to reimburse, indemnify, save, defend (at Landlord’s option and with counsel reasonably
acceptable to Landlord, at Tenant’s sole cost and expense) and hold harmless the Landlord Indemnitees for, from and against
any and all cost or liability for compensation claimed by any such broker or agent employed or engaged by it or claiming to have
been employed or engaged by it.

 

4.                   No
Default. Tenant represents, warrants and covenants that, to the best of Tenant’s knowledge, Landlord and Tenant are
not in default of any of their respective obligations under the Existing Lease and no event has occurred that, with the
passage of time or the giving of notice (or both) would constitute a default by either Landlord or Tenant thereunder.

 

     

     

    

 

5.                  
Effect of Amendment. Except as modified by this Amendment, the Existing Lease and all the covenants, agreements,
terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. In the event
of any conflict between the terms contained in this Amendment and the Existing Lease, the terms herein contained shall supersede
and control the obligations and liabilities of the parties.

 

6.                  
Successors and Assigns. Each of the covenants, conditions and agreements contained in this Amendment shall inure
to the benefit of and shall apply to and be binding upon the parties hereto and their respective heirs, legatees, devisees, executors,
administrators and permitted successors and assigns and sublessees. Nothing in this section shall in any way alter the provisions
of the Lease restricting assignment or subletting.

 

7.                  
Miscellaneous. This Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The
captions of the paragraphs and subparagraphs in this Amendment are inserted and included solely for convenience and shall not be
considered or given any effect in construing the provisions hereof. All exhibits hereto are incorporated herein by reference. Submission
of this instrument for examination or signature by Tenant does not constitute a reservation of or option for a lease, and shall
not be effective as a lease, lease amendment or otherwise until execution by and delivery to both Landlord and Tenant.

 

8.                  Authority.
Tenant guarantees, warrants and represents that the individual or individuals signing this Amendment have the power, authority
and legal capacity to sign this Amendment on behalf of and to bind all entities, corporations, partnerships, limited liability
companies, joint venturers or other organizations and entities on whose behalf such individual or individuals have signed.

 

9.                 
Counterparts; Facsimile and PDF Signatures. This Amendment may be executed in one or more counterparts, each of which,
when taken together, shall constitute one and the same document. A facsimile or portable document format (PDF) signature on this
Amendment shall be equivalent to, and have the same force and effect as, an original signature.

 

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IN WITNESS WHEREOF,
Landlord and Tenant have executed this Amendment as of the date and year first above written.

 

LANDLORD:

 

	IIP-MN 1 LLC,
 a Delaware limited liability company	 
	 	 
	 	 
	By:	/s/ Brian Wolfe	 
	Name:	Brian Wolfe	 
	Title:	Vice President, General Counsel and Secretary	 

 

TENANT:

 

	MINNESOTA MEDICAL SOLUTIONS, LLC,
 a Minnesota limited liability company	 
	 	 
	 	 
	By:	/s/ Shawn P. Nugent	 
	Name:	Shawn P. Nugent	 
	Title:	CFO	 

 

    3Exhibit 10.23

 

FOURTH AMENDMENT TO LEASE AGREEMENT

 

THIS FOURTH AMENDMENT
TO LEASE AGREEMENT (this “Amendment”) is entered into effective as of the 10th day of April 2020 (the “Amendment
Effective Date”), by and between IIP-MN 1 LLC, a Delaware limited liability company (“Landlord”),
and Minnesota Medical Solutions, LLC, a Minnesota limited liability company (“Tenant”).

 

RECITALS

 

A.               
WHEREAS, Landlord and Tenant are parties to that certain Lease Agreement dated as of November 8, 2017 (the “Original
Lease”), as amended by that certain First Amendment to Lease Agreement dated as of December 7, 2018 (the “First
Amendment”), as further amended by that certain Second Amendment to Lease Agreement dated September 25, 2019 (the “Second
Amendment”), and as further amended by that certain Third Amendment to Lease Agreement dated February 18, 2020 (the “Third
Amendment” and together with the Original Lease, First Amendment and Second Amendment, the “Existing Lease”),
whereby Tenant leases the premises from Landlord located at 8740 77th Street Northeast, Otsego, Minnesota; and

 

B.                
WHEREAS, Landlord and Tenant desire to modify and amend the Existing Lease only in the respects and on the conditions hereinafter
stated.

 

AGREEMENT

 

NOW, THEREFORE, Landlord
and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows:

 

1.                 
Definitions. For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Existing
Lease unless otherwise defined herein. The Existing Lease, as amended by this Amendment, is referred to collectively herein as
the “Lease.” From and after the date hereof, the term “Lease,” as used in the Existing Lease, shall
mean the Existing Lease, as amended by this Amendment.

 

2.                 
TI Allowance. Landlord has agreed to increase the TI Allowance available to Tenant by One Million Sixty Thousand
Dollars ($1,060,000.00), subject to the terms and conditions outlined in this Amendment. Accordingly, the first sentence of Section
5.1 of the Original Lease is hereby amended and restated in its entirety as follows:

 

“Tenant shall cause appropriate
improvements consistent with the Permitted Use (the “Tenant Improvements”) to be constructed in the Premises
pursuant to the Work Letter attached hereto as Exhibit E (the “Work Letter”) at a cost to Landlord not
to exceed Six Million Six Hundred Ninety-Eight Thousand One Hundred Eighty-Three Dollars ($6,698,183.00) (the “TI Allowance”).”

 

In addition, the final
sentence of Section 5.2 of the Existing Lease is hereby amended and restated in its entirety as follows:

 

     

     

    

 

“In addition, Landlord’s
obligation to disburse any of the TI Allowance in excess of Six Million Four Hundred Sixty Thousand Dollars ($6,460,000.00) shall
be conditional upon the satisfaction of the following: (a) Tenant’s delivery to Landlord of a certificate of occupancy for
the Premises suitable for the Permitted Use, as applicable; (b) Tenant’s delivery to Landlord of a Certificate of Substantial
Completion in the form of the American Institute of Architects document G704, executed by the project architect and the general
contractor or such other form or certification as may be reasonably acceptable to Landlord; (c) Tenant’s satisfaction of
the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter; and (d) there shall
be no uncured event of default by Tenant under this Lease.”

 

3.                 
Term. Section 3.1 of the Existing Lease is hereby amended and restated in its entirety as follows:

 

“3.1.             Term.
The actual term of this Lease (as the same may be extended or earlier terminated in accordance with this Lease, the “Term”) commenced
on November 8, 2017 (the “Commencement Date”) and shall end on April 9, 2040, subject to extension or
earlier termination of this Lease as provided herein.”

 

4.                 
Base Rent. Effective as of the Amendment Effective Date, the monthly Base Rent shall equal One Hundred Twenty-Nine
Thousand Three Hundred Fifty and 42/100 Dollars ($129,350.42) and shall be subject to the Base Rent adjustments on each anniversary
of the Commencement Date, as set forth in the Existing Lease.

 

5.                 
Security Deposit. The penultimate sentence in Section 6.4 of the Existing Lease is hereby amended and restated
as follows:

 

“The Security Deposit
shall be reduced to Two Hundred Twenty-Five Thousand Dollars ($225,000) on November 8, 2023, provided that no Default has occurred
and is continuing on such date; and the Security Deposit shall be further reduced to One Hundred Twelve Thousand Five Hundred Dollars
($112,500) on November 8, 2026, provided that no Default has occurred and is continuing on such date.”

 

6.                 
New Guaranty. Concurrently with the execution of this Amendment, Tenant shall cause Vireo Health International, Inc.,
a British Columbia, Canada corporation (the “New Guarantor”), to execute and deliver to Landlord a guaranty
in the form attached as Exhibit A to this Amendment (the “New Guaranty”). From and after the date of
this Amendment, all references in the Existing Lease to a “Guarantor” or the “Guarantors” shall include
the New Guarantor and all references to a “Guaranty” or the “Guaranties” shall include the New Guaranty.

 

7.                  Broker.
Tenant represents and warrants that it has not dealt with any broker or agent in the negotiation for or the obtaining of this
Amendment and agrees to reimburse, indemnify, save, defend (at Landlord’s option and with counsel reasonably acceptable
to Landlord, at Tenant’s sole cost and expense) and hold harmless the Landlord Indemnitees for, from and against any
and all cost or liability for compensation claimed by any such broker or agent employed or engaged by it or claiming to have
been employed or engaged by it.

 

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8.                 
No Default. Tenant represents, warrants and covenants that, to the best of Tenant’s knowledge, Landlord and
Tenant are not in default of any of their respective obligations under the Existing Lease and no event has occurred that, with
the passage of time or the giving of notice (or both) would constitute a default by either Landlord or Tenant thereunder.

 

9.                 
Effect of Amendment. Except as modified by this Amendment, the Existing Lease and all the covenants, agreements,
terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. In the event
of any conflict between the terms contained in this Amendment and the Existing Lease, the terms herein contained shall supersede
and control the obligations and liabilities of the parties.

 

10.                Successors and Assigns. Each of the covenants, conditions and agreements contained in this Amendment shall inure
to the benefit of and shall apply to and be binding upon the parties hereto and their respective heirs, legatees, devisees, executors,
administrators and permitted successors and assigns and sublessees. Nothing in this section shall in any way alter the provisions
of the Lease restricting assignment or subletting.

 

11.               
Miscellaneous. This Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The
captions of the paragraphs and subparagraphs in this Amendment are inserted and included solely for convenience and shall not be
considered or given any effect in construing the provisions hereof. All exhibits hereto are incorporated herein by reference. Submission
of this instrument for examination or signature by Tenant does not constitute a reservation of or option for a lease, and shall
not be effective as a lease, lease amendment or otherwise until execution by and delivery to both Landlord and Tenant.

 

12.              
Authority. Tenant guarantees, warrants and represents that the individual or individuals signing this Amendment have
the power, authority and legal capacity to sign this Amendment on behalf of and to bind all entities, corporations, partnerships,
limited liability companies, joint venturers or other organizations and entities on whose behalf such individual or individuals
have signed.

 

13.               
Counterparts; Facsimile and PDF Signatures. This Amendment may be executed in one or more counterparts, each of which,
when taken together, shall constitute one and the same document. A facsimile or portable document format (PDF) signature on this
Amendment shall be equivalent to, and have the same force and effect as, an original signature.

 

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IN WITNESS WHEREOF,
Landlord and Tenant have executed this Amendment as of the date and year first above written.

 

LANDLORD:

 

	IIP-MN 1 LLC,
 a Delaware limited liability company	 
	 	 
	By:	 /s/ Brian Wolfe	 
	Name:	Brian Wolfe	 
	Title:	Vice President, General Counsel and Secretary	 

 

TENANT:

 

	MINNESOTA MEDICAL SOLUTIONS, LLC,
 a Minnesota limited liability company	 
	 	 
	By:	 /s/ Shawn P. Nugent	 
	Name:	Shawn P. Nugent	 
	Title:	CFO	 

 

    

     

    

 

EXHIBIT “A”

 

FORM OF NEW GUARANTY

 

[See Attached]

 

    

     

    

 

GUARANTY OF LEASE

 

This Guaranty of Lease
(“Guaranty”) is executed effective on the 10th day of April, 2020, by Vireo Health International,
Inc., a British Columbia, Canada corporation (“Guarantor”), whose address for notices is c/o Minnesota Medical
Solutions, LLC, 207 S 9th Street, Minneapolis, MN. 55402; Attn: Chief Financial Officer, in favor of IIP-MN 1 LLC, a Delaware limited
liability company (“Landlord”), whose address for notices is 11440 West Bernardo Court, Suite 100, San Diego,
California 92127, Attn: General Counsel.

 

For good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor covenants and agrees as follows:

 

1.            
Recitals. This Guaranty is made with reference to the following recitals of facts which constitute a material part
of this Guaranty:

 

		(a)	Landlord, as Landlord, and Minnesota Medical Solutions, LLC, a Minnesota limited liability company,
as Tenant (“Tenant”), entered into that certain Lease dated as of November 8, 2017, as amended from time to
time (as so amended, the “Lease”), with respect to certain space in the building located at 8740 77th
Street Northeast, Otsego, Minnesota, as more particularly described in the Lease (the “Leased Premises”).

 

		(b)	Guarantor is the indirect parent entity of Tenant and is therefore receiving a substantial benefit
for executing this Guaranty.

 

		(c)	Landlord would not have entered into amendment to the Lease as of the date hereof with Tenant without
having received the Guaranty executed by Guarantor as an inducement to Landlord.

 

		(d)	By this Guaranty, effective retroactively to the commencement of the Lease, Guarantor intends to
absolutely, unconditionally and irrevocably guarantee the full, timely, and complete (i) payment of all rent and other sums required
to be paid by Tenant under the Lease and any other indebtedness of Tenant, (ii) performance of all other terms, covenants, conditions
and obligations of Tenant arising out of the Lease and all foreseeable and unforeseeable damages that may arise as a foreseeable
or unforeseeable consequence of any nonpayment, non-performance or non-observance of, or non-compliance with, any of the terms,
covenants, conditions or other obligations described in the Lease (including, without limitation, all attorneys’ fees and
disbursements and all litigation costs and expenses incurred or payable by Landlord or for which Landlord may be responsible or
liable, or caused by any such default), and (iii) payment of any and all expenses (including reasonable attorneys’ fees and
expenses and litigation expenses) incurred by Landlord in enforcing any of the rights under the Lease or this Guaranty within five
(5) days after Landlord’s demand thereafter (collectively, the “Guaranteed Obligations”).

 

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2.             Guaranty. Effective
(including retroactively) for Guaranteed Obligations accruing before, on and after the Execution Date (as such term is
defined under the Lease), Guarantor absolutely, unconditionally and irrevocably guarantees, as principal obligor and not
merely as surety, to Landlord, the full, timely and unconditional payment and performance, of the Guaranteed Obligations
strictly in accordance with the terms of the Lease, as such Guaranteed Obligations may be modified, amended, extended or
renewed from time to time. This is a Guaranty of payment and performance and not merely of collection. Guarantor agrees that
Guarantor is primarily liable for and responsible for the payment and performance of the Guaranteed Obligations. Guarantor
shall be bound by all of the provisions, terms, conditions, restrictions and limitations contained in the Lease which are to
be observed or performed by Tenant, the same as if Guarantor was named therein as Tenant with joint and several liability
with Tenant, and any remedies that Landlord has under the Lease against Tenant shall apply to Guarantor as well. If Tenant
defaults in any Guaranteed Obligation under the Lease, Guarantor shall in lawful money of the United States, pay to Landlord
on demand the amount due and owing under the Lease. Guarantor waives any rights to notices of acceptance, modifications,
amendment, extension or breach of the Lease. If Guarantor is a natural person, it is expressly agreed that this guaranty
shall survive the death of such guarantor and shall continue in effect. The obligations of Guarantor under this Guaranty are
independent of the obligations of Tenant or any other guarantor. Guarantor acknowledges that this Guaranty and
Guarantor’s obligations and liabilities under this Guaranty are and shall at all times continue to be absolute and
unconditional in all respects and shall be the separate and independent undertaking of Guarantor without regard to the
genuineness, validity, legality or enforceability of the Lease, and shall at all times be valid and enforceable irrespective
of any other agreements or circumstances of any nature whatsoever which might otherwise constitute a defense to this Guaranty
and the obligations and liabilities of Guarantor under this Guaranty or the obligations or liabilities of any other person or
entity (including, without limitation, Tenant) relating to this Guaranty or the obligations or liabilities of Guarantor
hereunder or otherwise with respect to the Lease or to Tenant. Guarantor hereby absolutely, unconditionally and irrevocably
waives any and all rights it may have to assert any defense, set-off, counterclaim or cross-claim of any nature whatsoever
with respect to this Guaranty or the obligations or liabilities of Guarantor under this Guaranty or the obligations or
liabilities of any other person or entity (including, without limitation, Tenant) relating to this Guaranty or the
obligations or liabilities of Guarantor under this Guaranty or otherwise with respect to the Lease, in any action or
proceeding brought by the holder hereof to enforce the obligations or liabilities of Guarantor under this Guaranty. This
Guaranty sets forth the entire agreement and understanding of Landlord and Guarantor, and Guarantor acknowledges that no oral
or other agreements, understandings, representations or warranties exist with respect to this Guaranty or with respect to the
obligations or liabilities of Guarantor under this Guaranty. The obligations of Guarantor under this Guaranty shall be
continuing and irrevocable (a) during any period of time when the liability of Tenant under the Lease continues, and (b)
until all of the Guaranteed Obligations have been fully discharged by payment, performance or compliance. If at any time all
or any part of any payment received by Landlord from Tenant or Guarantor or any other person under or with respect to the
Lease or this Guaranty has been refunded or rescinded pursuant to any court order, or declared to be fraudulent or
preferential, or are set aside or otherwise are required to be repaid to Tenant, its estate, trustee, receiver or any other
party, including as a result of the insolvency, bankruptcy or reorganization of Tenant or any other party (an “Invalidated
Payment”), then Guarantor’s obligations under the Guaranty shall, to the extent of such Invalidated Payment
be reinstated and deemed to have continued in existence as of the date that the original payment occurred. This Guaranty
shall not be affected or limited in any manner by whether Tenant may be liable, with respect to the Guaranteed Obligations
individually, jointly with other primarily, or secondarily.

 

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3.             No
Impairment of Guaranteed Obligations.  Guarantor further agrees that Guarantor’s liability for the Guaranteed
Obligations shall in no way be released, discharged, impaired or affected or subject to any counterclaim, setoff or deduction
by (a) any waiver, consent, extension, indulgence, compromise, release, departure from or other action or inaction of
Landlord under or in respect of the Lease or this Guaranty, or any obligation or liability of Tenant, or any exercise or
non-exercise of any right, remedy, power or privilege under or in respect to the Lease or this Guaranty, (b) any change in
the time, manner or place of payment or performance of the Guaranteed Obligations, (c) the acceptance by Landlord of any
additional security or any increase, substitution or change therein, (d) the release by Landlord of any security or any
withdrawal thereof or decrease therein, (e) any assignment of the Lease or any subletting of all or any portion of the Leased
Premises (with or without Landlord’s consent), (f) any holdover by Tenant beyond the term of the Lease (g) any
termination of the Lease, (h) any release or discharge of Tenant in any bankruptcy, receivership or other similar
proceedings, (i) the impairment, limitation or modification of the liability of Tenant or the estate of Tenant in bankruptcy
or of any remedy for the enforcement of Tenant’s liability under the Lease resulting from the operation of any present
or future provisions of any bankruptcy code or other statute or from the decision in any court, or the rejection or
disaffirmance of the Lease in any such proceedings, (j) any merger, consolidation, reorganization or similar transaction
involving Tenant, even if Tenant ceases to exist as a result of such transaction, (k) the change in the corporate
relationship between Tenant and Guarantor or any termination of such relationship, (1) any change in the direct or indirect
ownership of all or any part of the shares in Tenant, or (m) to the extent permitted under applicable law, any other
occurrence or circumstance whatsoever, whether similar or dissimilar to the foregoing, which might otherwise constitute a
legal or equitable defense or discharge of the liabilities of Guarantor or which might otherwise limit recourse against
Guarantor. Guarantor further understands and agrees that Landlord may at any time enter into agreements with Tenant to amend
and modify the Lease, and may waive or release any provision or provisions of the Lease, and, with reference to such
instruments, may make and enter into any such agreement or agreements as Landlord and Tenant may deem proper and desirable,
without in any manner impairing or affecting this Guaranty or any of Landlord’s rights hereunder or Guarantor’s
obligations hereunder, unless otherwise agreed in writing thereunder or under the Lease.

 

4.             Remedies.

 

a)       If
Tenant defaults with respect to the Guaranteed Obligations, and if Guarantor does not fulfill Tenant’s obligations
immediately upon its receipt of written notice of such default from Landlord, Landlord may at its election proceed
immediately against Guarantor, Tenant, or any combination of Tenant, Guarantor, and/or any other guarantor. It is not
necessary for Landlord, in order to enforce payment and performance by Guarantor under this Guaranty, first or
contemporaneously to institute suit or exhaust remedies against Tenant or other liable for any of the Guaranteed Obligations
or to enforce rights against any collateral securing any of it. Guarantor hereby waives any right to require Landlord to join
Tenant in any action brought hereunder or to commence any action against or obtain any judgment against Tenant or to pursue
any other remedy or enforce any other right. If any portion of the Guaranteed Obligations terminates and Landlord continues
to have any rights that it may enforce against Tenant under the Lease after such termination, then Landlord may at its
election enforce such rights against Guarantor. Unless and until all Guaranteed Obligations have been fully satisfied,
Guarantor shall not be released from its obligations under this Guaranty irrespective of: (i) the exercise (or failure to
exercise) by Landlord of any of Landlord’s rights or remedies (including, without limitation, compromise or adjustment
of the Guaranteed Obligations or any part thereof); or (ii) any release by Landlord in favor of Tenant regarding the
fulfillment by Tenant of any obligation under the Lease.

 

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b)       Notwithstanding
anything in the foregoing to the contrary, Guarantor hereby covenants and agrees to and with Landlord that Guarantor may be joined
in any action by or against Tenant in connection with the Lease. Guarantor also agrees that, in any jurisdiction, it will be conclusively
bound by the judgment in any such action by or against Tenant (wherever brought) as if Guarantor were a party to such action even
though Guarantor is not joined as a party in such action.

 

5.             Waivers.
With the exception of the defense of prior payment, performance or compliance by Tenant or Guarantor of or with the Guaranteed
Obligations which Guarantor is called upon to pay or perform, or the defense that Landlord’s claim against Guarantor is
barred by the applicable statute of limitations, Guarantor hereby waives and releases all defenses of the law of guaranty or suretyship
to the extent permitted by law.

 

6.             Rights
Cumulative.  All rights, powers and remedies of Landlord under this Guaranty shall be cumulative and in addition to all rights,
powers and remedies given to Landlord by law.

 

7.             Representations
and Warranties.  Guarantor hereby represents and warrants that (a) Guarantor has goods and net worth that are sufficient to
enable Guarantor to promptly perform all of the Guaranteed Obligations as and when they are due; (b) Landlord has made no representation
to Guarantor as to the creditworthiness or financial condition of Tenant; (c) Guarantor has full power to execute, deliver and
carry out the terms and provisions of this Guaranty and has taken all necessary action to authorize the execution, delivery and
performance of this Guaranty; (d) Guarantor’s execution and delivery of, and the performance of its obligations under, this
Guaranty does not conflict with or violate any of Guarantor’s organizational documents, or any contract, agreement or decree
which Guarantor is a party to or which is binding on Guarantor; (e) the individual executing this Guaranty on behalf of Guarantor
has the authority to bind Guarantor to the terms and conditions of this Guaranty; (f) Guarantor has been represented by counsel
of its choice in connection with this Guaranty; (g) this Guaranty when executed and delivered shall constitute the legal, valid
and binding obligations of Guarantor enforceable against Guarantor in accordance with its terms; and (h) there is no action, suit,
or proceeding pending or, to the knowledge of Guarantor, threatened against Guarantor before or by any governmental authority
which questions the validity or enforceability of, or Guarantor’s ability to perform under, this Guaranty.

 

8.             Subordination. 
In the event of Tenant’s insolvency or the disposition of the assets of Tenant, through bankruptcy, by an assignment
for the benefit of creditors, by voluntary liquidation, or otherwise, the assets of Tenant applicable to the payment of all
claims of Landlord and/or Guarantor shall be paid to Landlord and shall be first applied by Landlord to the Guaranteed
Obligations. Any indebtedness of Tenant now or hereafter held by Guarantor, whether as original creditor or assignee or by
way of subrogation, restitution, reimbursement, indemnification or otherwise, is hereby subordinated in right of payment to
the Guaranteed Obligations. So long as an uncured event of default exists under the Lease, (a) at Landlord’s written
request, Guarantor shall cause Tenant to pay to Landlord all or any part of any funds invested in or loaned to Tenant by
Guarantor which Guarantor is entitled to withdraw or collect and (b) any such indebtedness or other amount collected or
received by Guarantor shall be held in trust for Landlord and shall forthwith be paid over to Landlord to be credited and
applied against the Guaranteed Obligations. Subject to the foregoing, Guarantor shall be entitled to receive from Landlord
any amounts that are, from time to time, due to Guarantor in the ordinary course of business. Until all of Tenant’s
obligations under the Lease are fully performed, Guarantor shall have no right of subrogation against Tenant by reason of any
payments, acts or performance by Guarantor under this Guaranty.

 

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9.             Governing
Law. This Guaranty shall be governed by and construed in accordance with the laws of the State of Minnesota, United
States of America, without regard to principles of conflicts of laws. TO THE FULLEST EXTENT PERMITTED BY LAW, GUARANTOR
HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS
GUARANTY.

 

10.           Attorneys’
Fees.  In the event any litigation or other proceeding (“Proceeding”) is initiated by any party against
any other party to enforce this Guaranty, the prevailing party in such Proceeding shall be entitled to recover from the unsuccessful
party all costs, expenses, and actual reasonable attorneys’ fees relating to or arising out of such Proceeding.

 

11.           Modification.  This Guaranty may be modified only by a contract in writing executed by Guarantor and Landlord.

 

12.           Invalidity.  If any provision of the Guaranty shall be invalid or unenforceable, the remainder of this Guaranty shall
not be affected by such invalidity or unenforceability. In the event, and to the extent, that this Guaranty shall be held ineffective
or unenforceable by any court of competent jurisdiction, then Guarantor shall be deemed to be a tenant under the Lease with the
same force and effect as if Guarantor were expressly named as a co-tenant therein with joint and several liability.

 

13.           Successors and Assigns.  Unless otherwise agreed in writing or under the Lease, this Guaranty shall be binding upon
and shall inure to the benefit of the successors-in-interest and assigns of each party to this Guaranty.

 

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14.           Notices.  Any notice, consent, demand, invoice, statement or other communication required or permitted to be given
hereunder shall be in writing and shall be given by (a) personal delivery, (b) overnight delivery with a reputable international
overnight delivery service, such as FedEx, or (c) facsimile or email transmission, so long as such transmission is followed within
one (1) business day by delivery utilizing one of the methods described in subsections (a) or (b). Any such notice, consent, demand,
invoice, statement or other communication shall be deemed delivered (x) upon receipt, if given in accordance with subsection (a);
(y) one business (1) day after deposit with a reputable international overnight delivery service, if given if given in accordance
with subsection (b); or (z) upon transmission, if given in accordance with subsection (c). Except as otherwise stated in this Guaranty,
any notice, consent, demand, invoice, statement or other communication required or permitted to be given pursuant to this Guaranty
shall be addressed to Guarantor or Landlord at the address set forth above in the introductory paragraph of this Guaranty. Either
party may, by notice to the other given pursuant to this Section, specify additional or different addresses for notice purposes.

 

15.           Waiver.  Any waiver of a breach or default under this Guaranty must be in a writing that is duly executed by Landlord
and shall not be a waiver of any other default concerning the same or any other provision of this Guaranty. No delay or omission
in the exercise of any right or remedy shall impair such right or remedy or be construed as a waiver.

 

16.           Withholding.  Unless otherwise agreed in the Lease, any and all payments by Guarantor to Landlord under this Guaranty
shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies, imposts, deductions,
assessments, fees, withholdings or similar charges, and all liabilities with respect thereto (collectively, “Taxes”).
If Guarantor shall be required by any applicable laws to deduct any Taxes from or in respect of any sum payable under this
Guaranty to Landlord: (a) the sum payable shall be increased as necessary so that after making all required deductions, the Landlord
receives an amount equal to the sum it would have received had no such deductions been made; (b) Guarantor shall make such deductions;
and (c) Guarantor shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable
laws.

 

17.           Financial Condition of Tenant.  Landlord shall have no obligation to disclose or discuss with Guarantor Landlord’s
assessment of the financial condition of Tenant. Guarantor has adequate means to obtain information from Tenant on a continuing
basis concerning the financial condition of Tenant and its ability to perform its Guaranteed Obligations, and Guarantor assumes
responsibility for being and keeping informed of Tenant’s financial condition and of all circumstances bearing upon the risk
of Tenant’s failure to perform the Guaranteed Obligations.

 

18.           Bankruptcy.  So long as the Guaranteed Obligations remain outstanding, Guarantor shall not, without Landlord’s
prior written consent, commence or join with any other person in commencing any bankruptcy or similar proceeding of or against
Tenant. Guarantor’s obligations hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated
by any bankruptcy or similar proceeding (voluntary or involuntary) involving Tenant or by any defense that Tenant may have by reason
of an order, decree or decision of any court or administrative body resulting from any such proceeding. To the fullest extent permitted
by law, Guarantor will permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors
or similar person to pay to Landlord or allow the claim of Landlord in respect of any interest, fees, costs, expenses or other
Guaranteed Obligations accruing or arising after the date on which such case or proceeding is commenced.

 

19.           Conveyance or Transfer.  Without Landlord’s written consent, Guarantor shall not convey, sell, lease or transfer
any of its properties or assets to any person or entity to the extent that such conveyance, sale, lease or transfer could have
a material adverse effect on Guarantor’s ability to fulfill any of the Guaranteed Obligations.

 

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20.           Financials. 
To induce Landlord to enter into the Lease, Guarantor shall, within ninety (90) days after the end of Guarantor’s
financial year, furnish Landlord with a certified copy of Guarantor’s year-end unconsolidated financial statements for
the previous year, audited by a nationally recognized accounting firm. If audited financial statements are not otherwise
prepared, then Guarantor may satisfy the requirement to provide audited financial statements by providing in lieu thereof
unaudited financial statements prepared in accordance with GAAP and certified by the chief financial officer of Guarantor as
correct and complete copies of such financial statements, fairly presenting Guarantor’s financial condition as of the
time set forth therein and having been prepared in accordance with GAAP. The provisions of this Section shall not apply at
any time while Guarantor is traded on any nationally recognized Canadian or United States stock exchange.

 

21.             
Joint and Several Liability.  Guarantor’s liability under this Guaranty shall be joint and several with any
and all other Guarantors in accordance with the terms and conditions of the Lease.

 

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IN WITNESS WHEREOF,
Guarantor has caused this Guaranty to be signed by its respective officer thereunto duly authorized, all as of the date first written
above.

 

GUARANTOR

 

	VIREO HEALTH INTERNATIONAL, INC.	 
	 	 
	By:	/s/ Shawn Nugent	 
	Name:	Shawn Nugent	 
	Title:	CFO

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