Zoned Properties, Inc. Files 8-K Material Definitive Agreement

TL;DR

Zoned Properties (ZDP) signed a big deal, filing an 8-K. Details TBD.

AI Summary

On May 3, 2024, Zoned Properties, Inc. entered into a material definitive agreement. The company, incorporated in Nevada, filed this 8-K report with the SEC. The filing does not contain specific details about the agreement or any financial figures.

Why It Matters

This filing indicates a significant business event for Zoned Properties, Inc., potentially impacting its operations or financial standing.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement, which could carry significant implications, but lacks specific details to assess the precise risk.

Key Players & Entities

• Zoned Properties, Inc. (company) — Registrant
• May 3, 2024 (date) — Date of earliest reported event
• Nevada (jurisdiction) — State of Incorporation
• 8360 E Raintree Drive, #230 Scottsdale, AZ 85250 (address) — Business Address

FAQ

Key Financial Figures

• $850,000.00 — GHT HUNDRED AND FIFTY THOUSAND Dollars ($850,000.00) (US) to be spent toward capital improv
• $3,846 — lease base rental rate to be reduced by $3,846 for the Lease. Reaffirmation of Guara

Filing Documents

• ea0205353-8k_zoned.htm (8-K) — 45KB
• ea020535301ex10-1_zoned.htm (EX-10.1) — 173KB
• 0001213900-24-040154.txt ( ) — 403KB
• zdpy-20240503.xsd (EX-101.SCH) — 3KB
• zdpy-20240503_lab.xml (EX-101.LAB) — 33KB
• zdpy-20240503_pre.xml (EX-101.PRE) — 22KB
• ea0205353-8k_zoned_htm.xml (XML) — 3KB

01

Item 1.01 Entry into a Material Definitive Agreement. Background As previously reported, on May 15, 2023 in Form 10-Q filed with the Securities and Exchange by the Company (the "10-Q"), on May 14, 2023, ZP Woodward entered into an Assignment and Assumption of Lease ("Assignment") whereby the Woodward Lease was assigned from Rapid Fish 2 LLC ("Old Tenant") to Rapid Fish LLC ("New Tenant"). Old Tenant and New Tenant share common ownership. The assignment of the Woodward Lease is conditioned upon issuance by the City of Pleasant Ridge, Michigan of a final cannabis business license to New Tenant and ZP Woodward's receipt of a fully executed Reaffirmation of Guaranty from the guarantors of the Woodward Lease. The Assignment contains other terms as are customary for a document of this type. First Amendment to Absolute Net Lease Agreement On May 1, 2024, ZP Woodward and Rapid Fish, LLC (the "Parties"), with individual Guarantors, Thomas Nafso and Ammar Kattoula (the "Guarantors"), entered into a First Amendment to the Absolute Net Lease Agreement (the "First Amendment") pertaining to premises located at 23600-23634 Woodward Ave, Pleasant Ridge MI 48069. The Parties also agreed to a fully executed Reaffirmation of Guaranty from the Guarantors. According to the terms of the First Amendment, the following changes have been agreed to by the Parties: Amended Rental Payment Schedule The First Amendment provides that as long as the Landlord's Conditions, as outlined in this First Amendment, are satisfied including a Renovation Completion Commitment, the Rental Payment Schedule of the Lease will be amended to the schedule set forth in Addendum A to the First Amendment. Capital Commitment The First Amendment provides for the inclusion of the Capital Commitment as follows: Tenant shall cause a total of at least EIGHT HUNDRED AND FIFTY THOUSAND Dollars ($850,000.00) (US) to be spent toward capital improvements to the Premises (the "Commitment Improvements" and/or the

View Full Filing

View this 8-K filing on SEC EDGAR