Good Morning String, I do not agree with this information that you are sharing in this post, there are more aspects to this particular lease if you read further into the lease
also let me direct your attention to these following statements: Landlord shall also grant to the Tenant additional three (3) year options to renew this Commercial Lease at Tenant’s sole discretion. Tenant shall give written notice to Landlord within ninety (90) days of the end of the Lease or the first option to renew of its intent to renew this Lease.
FWDG 8K. IS IT A 3 OR 5 YEAR LEASE? I BELIEVE THERE IS A MOJOR ERROR!
Item 1.01 Entry into a Material Definitive Agreement.
On January 20, 2015, the Company enters into a Commercial Lease Agreement between FutureLand Properties, LLC, a Colorado corporation (“Landlord”) and GPS La Vita, Inc. (“Tenant”). FutureLand is the owner of the land LOT 19, PHASE 1, MAJORS RANCH, ACCORDING TO Plat Map No. 343, recorded April 30, 1995 in Pocket 7, Folder 3, Plat Map No. 351, recorded August 26, 1995 at Pocket 7, Folder 3, Plat Map No. 355, recorded September 29, 1995 at Pocket 7, Folder 3, Plat Map No. 392, recorded December 31, 1996 at Reception No. 327236, ACCORDING TO THE RECORDS OF THE CLERK AND RECORDER FOR HUERFANO COUNTY, COLORADO, La Vita Colorado 81011 (hereinafter the “Property”). FutureLand will lease out five (5) acres of the 200 Acres to GPS La Vita, Inc. The Commercial Lease Agreement is for five (5) years and FutureLand shall also grant to the Tenant additional (3) 5-year options to renew this Commercial Lease at Tenant’s sole discretion. The Commercial Lease Agreement calls for $50,000 for leased Acres per month ($10,000 per Acre per month) for the term of the lease.
The company will be obligated to buy back any and all improvements on the property within 36 months of operations at cost plus cumulative 10% cost of funds per annum. GPS shall have first right of refusal to participate in future grows on the property.
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