Sunday, August 20, 2023 12:13:03 PM
e·lim·i·nate
verb
past tense: eliminated; past participle: eliminated
completely remove or get rid of (something).
"a policy that would eliminate inflation"
FORM 8-K
https://www.otcmarkets.com/filing/html?id=16855888&guid=TxN-kHeX4VACJth
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an O?-Balance Sheet Arrangement of a Registrant.
On August 4, 2023 the Company entered into a long term lease for 950 with an initial term of twenty years, and two ten year extension options. The lessor is Pontus EHC Palm Beach, LLC , a Delaware limited liability company and a portfolio company of Pontus Net Lease Advisors, LLC. The lease is absolutely net and the lease cost for the initial year is $748,000 paid monthly. The lease increases at a rate of 2.75% per year for a total term lease obligation of $19,595,653 over the initial twenty-year term. The Lease is personally guaranteed by the Company President and the guarantee may be released after 5 years based on certain financial and performance metrics being met. The lease is attached hereto as Exhibit 10.6
On August 4, 2023 the Company replaced the original lease between Evernia and Evernia Station Limited Partners with a new lease mirroring the previous lease but between Evernia and the Company. A copy of the new Lease is attached hereto as Exhibit 10.7.
Everything that I post is just my informed opinion and is simply an invitation to debate. Trade on your own due diligence please..
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