SEC Contract Filing

Filing Date: 2022-12-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea169621ex10-1_zonedpro.htm
<DESCRIPTION>OPTION AGREEMENT, DATED AS OF DECEMBER 1, 2022, BY AND BETWEEN ZP RE MI WOODWARD, LLC AND FL MI RE 22, LLC
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXCLUSIVE OPTION AGREEMENT FOR THE PURCHASE
OF REAL PROPERTY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This EXCLUSIVE OPTION AGREEMENT
FOR THE PURCHASE OF REAL PROPERTY (this &ldquo;<B>Agreement</B>&rdquo;) is entered into as of the Effective Date by and between FL MI
RE 22, LLC, a Michigan limited liability company (&ldquo;<B>Optionor</B>&rdquo;) and ZP RE MI WOODWARD, LLC, a Michigan limited liability
company (&ldquo;<B>Optionee</B>&rdquo;), with reference to the following background:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A. &nbsp;
Woodward Avenue Ventures, LLC, a Michigan limited liability company (&ldquo;<U>23600 Seller</U>&rdquo;) owns certain real property and
improvements located at 23600 Woodward Avenue, Ferndale, Michigan 48220 (Parcel No. 25-27-181-006), which is legally described on <U>Exhibit
A-1</U> attached hereto (the &ldquo;<U>23600 Property</U>&rdquo;). The 23600 Seller and Optionor previously entered into the following
agreements with respect to the 23600 Property: (i) Buy and Sell Agreement dated on or about October 13, 2021 (the &ldquo;<U>First 23600
Purchase Agreement</U>&rdquo;), (ii) Buy and Sell Agreement dated on or about June 24, 2022 (the &ldquo;<U>Second 23600 Purchase Agreement</U>&rdquo;),
(iii) Addendum #1 to that Buy and Sell Agreement dated on or about June 24, 2022 (the &ldquo;<U>Addendum 1 to Second 23600 Purchase Agreement</U>&rdquo;),
and (iv) Buy and Sell Agreement dated on or about September 28, 2022 (the &ldquo;<U>Third 23600 Purchase Agreement</U>&rdquo;). Upon the
23600 Seller entering into the Third 23600 Purchase Agreement, the First 23600 Purchase Agreement, Second 23600 Purchase Agreement and
Addendum 1 to Second 23600 Purchase Agreement terminated and of are no further force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B. &nbsp;
Thomas A. Pearlman, as trustee of the Thomas A. Pearlman Revocable Trust (&ldquo;<U>23616 Seller</U>&rdquo;) owns certain real property
and improvements located at 23616 and 23622 Woodward Avenue, Pleasant Ridge, Michigan 48069 (Parcel Nos. 25-27-181-004 and 005), which
is legally described on <U>Exhibit A-2</U> attached hereto (the &ldquo;<U>23616 Property</U>&rdquo;). The 23616 Seller and Assignor previously
entered into the following agreements with respect to the 23616 Property: (i) Buy and Sell Agreement dated September 8, 2021 (the &ldquo;<U>23616
Initial Purchase Agreement</U>&rdquo;), (ii) Addendum #2 dated March 3, 2022 to that Buy and Sell Agreement dated September 8, 2021 (&ldquo;<U>Addendum
2 to 23616 Purchase Agreement</U>&rdquo;), (iii) Addendum #3 dated July 12, 2022 to that Buy and Sell Agreement dated September 8, 2021
(&ldquo;<U>Addendum 3 to 23616 Purchase Agreement</U>&rdquo;), (iv) Addendum #4 dated September 28, 2022 to that Buy and Sell Agreement
dated September 8, 2021 (&ldquo;<U>Addendum 4 to 23616 Purchase Agreement</U>&rdquo;), and (v) Addendum #5 dated November 3, 2022 to that
Buy and Sell Agreement dated September 8, 2021 (&ldquo;<U>Addendum 5 to 23616 Purchase Agreement</U>&rdquo; and collectively with 23616
Initial Purchase Agreement, Addendum 2 to 23616 Purchase Agreement, Addendum 3 to 23616 Purchase Agreement, Addendum 4 to 23616 Purchase
Agreement and Addendum 5 to 23616 Purchase Agreement, the &ldquo;<U>23616 Purchase Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.
Concurrently with the execution of this Agreement, Optionor is acquiring the 23616 Property and thereafter will own fee simple title to
the 23616 Property, subject to the land contract between the 23616 Seller and Optionor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.
Gangnier Investments, LLC, a Michigan limited liability company (&ldquo;<U>23634 Seller</U>&rdquo; and collectively with the 23600 Seller
and the 23616 Seller, the &ldquo;<U>Sellers</U>&rdquo;) owns certain real property and improvements located at 23634 Woodward Avenue,
Pleasant Ridge, Michigan 48069 (Parcel Nos. 25-27-181-003), which is legally described on <U>Exhibit A-3</U> attached hereto (the &ldquo;<U>23634
Property</U>&rdquo; and collectively with the 23600 Property and the 23616 Property, the &ldquo;<U>Properties</U>&rdquo;). The 23634 Seller
and Assignor previously entered into the following agreements with respect to the 23634 Property: (i) Buy and Sell Agreement dated March
17, 2022 (the &ldquo;<U>23634 Initial Purchase Agreement</U>&rdquo;), (ii) Addendum #1 dated October 17, 2022 to that Buy and Sell Agre