Zoned Properties adds Green Dot Labs as Tempe tenant; secures $300K payment and $3M capital commitment

Zoned Properties, Inc.

Green Dot Labs becomes new primary tenant at Zoned Properties' Tempe property via lease assignment and amendment.
Zoned Properties receives $300,000 one-time payment for approving the lease assignment.
Green Dot Labs commits at least $3 million to property improvements within two years.
GDL Inc. (Green Dot Labs) guarantees tenant's performance under the lease.
Kingman lease amendment grants Zoned subsidiary a right to terminate lease under certain conditions.

item 1.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Zoned Properties, Inc. amended Tempe Second Amendment with VSM LLC valued at $300,000 (effective 2022-11-30).

Action: amendment
Agreement: lease
Counterparty: VSM LLC
Value: $300,000
Effective: 2022-11-30

Exact text from the filing

On November 30, 2022, Zoned Arizona Properties, LLC (“Zoned Arizona”), a wholly owned subsidiary of Zoned Properties, Inc. (the “Company”), and VSM LLC (“VSM”) entered into that Second Amendment (the “Tempe Second Amendment”) to the Licensed Medical Marijuana Facility Triple Net (NNN) Lease Agreement dated May 1, 2018 between Zoned Arizona and CJK, Inc. (“CJK”), as previously amended by that First Amendment to the Licensed Medical Marijuana Facility Triple Net (NNN) Lease Agreement dated May 31, 2020 (as amended, the “Tempe Lease”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Zoned Properties, Inc. amended Kingman Second Amendment with CJK, Inc. (effective 2022-11-30).

Action: amendment
Agreement: lease
Counterparty: CJK, Inc.
Effective: 2022-11-30

Exact text from the filing

On November 30, 2022, Kingman Property Group, LLC (“Kingman”), a wholly owned subsidiary of the Company, and CJK entered into the Second Amendment (the “Kingman Second Amendment”) to the Licensed Medical Marijuana Facility Triple Net (NNN) Lease Agreement dated May 1, 2018 between Kingman and CJK, as previously amended by that First Amendment to the Licensed Medical Marijuana Facility Triple Net (NNN) Lease Agreement dated May 31, 2020 (as amended, the “Kingman Lease”).

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Zoned Properties, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-22-077037

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