Item 1.01 Entry into a Material Definitive Agreement.
On December 9, 2021, CFN Real Estate LLC, a Delaware limited liability company
("CFN") and wholly-owned subsidiary of CFN Enterprises Inc. (the "Company"),
entered into a Lease Agreement (with Option to Purchase) (the "Lease") with H2S2
LLC, a Colorado limited liability company, for property in Eaton, Colorado,
consisting of 9.53 acres of agricultural land zoned with use for special review
for hemp processing and storage, an 8,500 square foot C1D1 rated steel
building, triple tunnel green houses with a total of 8,712 square feet, a shop
building consisting of 3,825 square feet and a 2,280 square foot residence (the
"Premises"). The Company will use the Premises in connection with its CNP
Operating cannabidiol (CBD) manufacturing business.
The Lease has an eleven month term and contains an option to purchase the
Premises (the "Option"), each terminating on November 30, 2022. The total
monthly rent under the Lease during the term is an aggregate of $354,000,
consisting of a $14,000 monthly lease payment, and an aggregate of $200,000 in
non-refundable payments towards the Option. The total purchase price for the
Premises under the Option is $1.2 million, inclusive of the $200,000 in payments
made during the term of the Lease. If the Option is exercised, the Lease
contains a 30-day automatic extension of the term at $14,000. All utility costs
for the Premises are to be paid by CFN.
The foregoing description of the Lease does not purport to be 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 hereto and incorporated by reference herein.
Item 9.01. Financial statements and Exhibits
(d) Exhibits.
Exhibit Description
Number
10.1 Lease Agreement (with Option to Purchase), dated December 9, 2021.
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