Item 1.01 Entry in to a Material Definitive Agreement.
The Note bears interest at 10% per annum, provides for cash interest payments on a monthly basis, matures on
5353 Joliet is a 22,144 square foot industrial building situated on 1.4 acres, built in 1980 and zoned I-B.
5353 Joliet, is 100% occupied by a tenant, who in connection with the purchase agreement, may continue to occupy the building pursuant to a triple net lease agreement with
The foregoing description of the Loan and Security Agreement and Promissory Note is not complete and is qualified in its entirety by reference to the full text of the form of Loan and Security Agreement the Promissory Note, copies of which are listed and incorporated by reference as Exhibits 10.1 and 10.2, respectively, to this report, and are incorporated herein by reference.
The Company has issued a press release reporting its entry into the Purchase Agreement and the private placement contemplated thereby, which is filed herewith as Exhibit 99.1.
Item 2.01 Completion of Acquisition or Disposition of Assets.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.01 by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers of this report should be aware that there are various factors that could cause actual results to differ materially from any forward-looking statements made in this report. Factors that could cause or contribute to such differences include, but are not limited to, changes in general economic, regulatory and business conditions in
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits. Exhibit No. Description
10.1* Loan and Security Agreement 10.2* Promissory Note 99.1* Press Release of
MJ Holdings, Inc.dated June 24, 2014