THIRDAMENDMENT TO COMMERCIAL LEASE AGREEMENT

EX-10.1 2 f8k101016ex10i_zoned.htm THIRD AMENDMENT TO COMMERCIAL LEASE AGREEMENT

Exhibit 10.1

 

THIRD AMENDMENT TO COMMERCIAL LEASE AGREEMENT

 

This Third Amendment to the Commercial Lease Agreement (the "Third Amendment") is made this 10th day of October, 2016, (the "Effective Date") by and between Chino Valley Properties, LLC (the "Landlord") and C3C3 Group, LLC (the "Tenant"), collectively (the “Parties”).

 

WITNESSETH:

 

WHEREAS, Landlord and Tenant heretofore entered into a Commercial Lease Agreement (the "Lease") executed and effective as of August 6, 2015 for the lease on the premises commonly known as 2144 & 2148 N. Road 1 East Chino Valley, AZ 83462; and

 

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

 

WHEREAS, The parties hereto desire to change the rental rate of the monthly rental payment and the size of the operating premises to reflect the expanded facilities; and

 

WHEREAS, all defined terms used in the Lease shall have the same meaning herein as therein.

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for good and valuable consideration, the sufficiency and receipt of which is acknowledged, the Parties agree to the following amendment to the language of the Lease:

 

  1. 2.01 Premises: The Premises shall be amended as per the Premises Description attached as an updated “Amended Exhibit C” to the original Lease Agreement.

 

  2. 5.01 Base Rent: The Base Rent shall be amended as per the Rental Schedule attached as an updated “Amended Exhibit B” to the original Lease Agreement.

  

[Signature Page to Follow]

 

  

Your signature below will indicate that you agree to the terms and conditions as set forth herein dated October 10, 2016:

 

Chino Valley Properties, LLC.   C3C3 Group, LLC.
         
By: /s/ Bryan McLaren   By: /s/ Christopher Carra
Name: Bryan McLaren   Name: Christopher Carra
Title: CEO   Title: President
         
Alan Abrams, Individually.      
         
By: /s/ Alan Abrams      
Name: Alan Abrams      
Title: Personal Guarantor      

 

2

 

 

AMENDED EXHIBIT B: Rental Payment Schedule

 

Year   Commencement   Months  Monthly Payment   Annual Rental Rate   Base Rental Rate   Rentable Area 
 1    1-Aug-15    01    Waived     Waived     Waived     Waived 
 1    1-Sep-15    02-06   $30,000.00   $360,000.00   $24.00    15,000 
 1    1-Feb-16    07-12   $40,000.00   $480,000.00   $32.00    15,000 
 2    15-Aug-16    13-15   $42,000.00   $504,000.00   $33.60    15,000 
 2    15-Nov-16    16-24   $55,000.00   $660,000.00   $26.40    25,000 
 3    15-Aug-17    25-36   $57,750.00   $693,000.00   $27.72    25,000 
 4    15-Aug-18    37-48   $60,637.50   $727,650.00   $29.11    25,000 
 5    15-Aug-19    49-60   $63,669.38   $764,032.50   $30.56    25,000 
 6    15-Aug-20    61-72   $66,852.84   $802,234.13   $32.09    25,000 
 7    15-Aug-21    73-84   $70,195.49   $842,345.83   $33.69    25,000 
 8    15-Aug-22    85-96   $73,705.26   $884,463.12   $35.38    25,000 
 9    15-Aug-23    97-108   $77,390.52   $928,686.28   $37.15    25,000 
 10    15-Aug-24    109-120   $81,260.05   $975,120.59   $39.00    25,000 
 11    15-Aug-25    121-132   $81,260.05   $975,120.59   $39.00    25,000 
 12    15-Aug-26    133-144   $81,260.05   $975,120.59   $39.00    25,000 
 13    15-Aug-27    145-156   $81,260.05   $975,120.59   $39.00    25,000 
 14    15-Aug-28    157-168   $81,260.05   $975,120.59   $39.00    25,000 
 15    15-Aug-29    169-180   $81,260.05   $975,120.59   $39.00    25,000 
 16    15-Aug-30    181-192   $81,260.05   $975,120.59   $39.00    25,000 
 17    15-Aug-31    193-204   $81,260.05   $975,120.59   $39.00    25,000 
 18    15-Aug-32    205-216   $81,260.05   $975,120.59   $39.00    25,000 
 19    15-Aug-33    217-228   $81,260.05   $975,120.59   $39.00    25,000 
 20    15-Aug-34    229-240   $81,260.05   $975,120.59   $39.00    25,000 

 

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

 

 

 

 

AMENDED EXHIBIT C: PROPERTY SITE AND LEGAL DESCRIPTION

 

Parcel ID:   306-14-008-M
     
Property Address:   2144 & 2148 N. Road 1 East Chino Valley, AZ 83462
     
Building and Premises:   Chino Valley Cultivation Site; approximately 10,000 square feet of completed Greenhouse, 10,000 square feet of completed Hoop House and approximately 5,000 square feet of existing office & garage space existing within the currently fenced in area. Approximately 11 acres.
     
Legal Description:   An irregular portion of the SE4 the SE parcel corner lying approximately 686'N and 50'W from the SE corner of said section 19