Zoned Properties amends cannabis facility lease; tenant commits $850k capital improvements and store opening

Zoned Properties, Inc.

Tenant Rapid Fish LLC to spend $850,000 on capital improvements at Woodward Ave premises in Pleasant Ridge, MI.
Renovation must be completed within 3 months; failure constitutes default.
Lease term extended to 18 years from initial term; security deposit partially refunded as rent credits.
Rent reduction of $3,846/mo possible if North Lot parking obligations are released within 18 months.
Original guarantors reaffirm guarantee; may be released after 14.5-year lease term.

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 First Amendment to the Absolute Net Lease Agreement with Rapid Fish, LLC (effective 2024-05-01).

Action: amendment
Agreement: lease
Counterparty: Rapid Fish, LLC
Effective: 2024-05-01

Exact text from the filing

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.

View on SEC.gov

307 material agreements filed in the last 30 days. Browse all material agreements →

Zoned Properties, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-040154

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.