Friday, October 03, 2014 9:30:49 PM
On September 25, 2014, MJ 5353 Joliet LLC, a wholly-owned subsidiary of MJ Holdings, Inc. (the "Registrant") and Big Toe Colorado LLC (the "Tenant") entered into a lease agreement for the property and warehouse building, owned by the Registrant located at 5353 Joliet in Denver Colorado (the “Lease”).
The Lease is for a term of 7 years and a total rent obligation of approximately $2,304,747.00. Insurance and real property taxes shall be paid by the Registrant and subsequently charged to the Tenant as additional rent, based on the actual expense incurred.
The Lease is contingent upon the Tenant, obtaining city and state licenses and permits for its intended operations at the premises, within the dates provided in the Lease. Should Tenant fail to procure and provide said licenses to Registrant, Tenant shall forfeit its security deposit of approximately $77,500.00 and either party may terminate the Lease in accordance with the terms of the Lease.
Upon the expiration of the term of 7 years, the Tenant has the option to renew the Lease for two separate five year terms, subject to rent reviews and adjustments, as set out in the Lease.
In connection with the Lease, the principal owner of Big Toe LLC agreed to guarantee the performance of the obligations of the Tenant thereunder.
The foregoing description of the Lease is not complete and is qualified in its entirety by reference to the full text of the Lease, a copy of which is filed as Exhibit 10.1 to this Report, and is incorporated herein by reference.
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