Zoned Properties, Inc. (OTCMKTS:ZDPY) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry into a Material Definitive Agreement.
On December 22, 2016, Zoned Properties, Inc. (the Company)
entered into a Commercial Real Estate Purchase Contract (the
Agreement) with Big Lake Estates, LLC (the Purchaser) to which
the Company agreed to sell, and the Purchaser agreed to purchase,
the property located at 422 S. Madison Drive in Tempe, Arizona,
for an aggregate purchase price of $2.125 million. to the terms
of the Agreement, the Purchaser paid a deposit of $20,000 within
three days of entry into the Agreement, which amount will be held
in escrow. In addition, the Purchaser agreed to deposit an
additional deposit of $20,000 upon satisfaction of the Purchasers
financing contingency. The remainder of the purchase price
($2.085 million) is due at closing. to the terms of the
Agreement, the purchase will close no later than March 16, 2017.
Closing is subject to certain conditions, including but not
limited to, a 30-day due diligence period. The Purchaser may, in
its sole discretion, terminate the Agreement during the due
diligence period and the initial $20,000 deposit will be returned
to the Purchaser. The purchase is also contingent upon the
Purchaser obtaining a satisfactory financing commitment within 60
days of entry into the Agreement. The Agreement also contains
standard warranties and closing conditions.
The foregoing description of the Agreement is not a complete
description of all of the parties rights and obligations under
the Agreement and is qualified in its entirety by reference to
the Agreement, a copy of which is filed as Exhibit 10.1 to this
current report on Form 8-K and incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
The exhibits listed in the following Exhibit Index are furnished
as part of this current report on Form 8-K.
| Exhibit No. | Description | |
| 10.1 |
Commercial Real Estate Purchase Contract dated December 22, 2016 by and between Zoned Properties, Inc. and Big Lake Estates, LLC. |
About Zoned Properties, Inc. (OTCMKTS:ZDPY)
Zoned Properties, Inc. is a commercial property, project development and management services company. The Company is engaged in identifying, developing and managing properties in industries, including the licensed medical marijuana industry. The Company operates in the operating, leasing and managing commercial properties segment. The Company maintains a portfolio of properties that it owns, leases and manages. In addition, it provides direct consultation and support for the development of each property. Its development ranges from architectural design and build-out, utility installation, property management, facilities management and security systems. The Company’s property portfolio includes land and real property constructed in Green Valley, Arizona; land and real property in Kingman, Arizona; vacant land in Gilbert, Arizona; a multi-tenant industrial park in Tempe Arizona, and land and real property of approximately 50 acres in Chino Valley, Arizona. Zoned Properties, Inc. (OTCMKTS:ZDPY) Recent Trading Information
Zoned Properties, Inc. (OTCMKTS:ZDPY) closed its last trading session up +0.25 at 1.99 with 12,899 shares trading hands.
