GreatLIFE Utah, LLC - Tenant Lease for Millsite Golf Course

Sep 1, 2026

Lease agreement defining the relationship between Ferron City, Utah (Owner/Landlord) and GreatLIFE Utah, LLC (Tenant) for the Millsite Golf Course property. Covers basic terms, property identification, and a commencement date that is TBD, with a five-year initial lease term and five additional five-year extension options. Establishes rent structure, including nominal base rent, and allocates responsibility for prepaid memberships, event deposits, gift cards, inventory valuation, and compliance obligations governing operations and use of the premises.

LanguageEnglish

CategoryLetters

FormatDOCX

Pages29

Reading Time10 min

AccessFree to download

Article I: Basic Terms

Section 1.01 Basic Terms

Section 1.02 Effect of Reference to Basic Terms

Article II: Grant and Term

Section 2.01 Leased Premise

Section 2.02 Commencement of Term

Section 2.03 Lease Year Defined

Article III: Rent and Business Operations

Section 3.01 Base Rent

Section 3.02 Business Operations

Article IV: Conduct of Business by Tenant

Section 4.01 Use

LEASE MILLSITE GOLF COURSE Ferron City, Utah (Landlord) GreatLIFE Utah, LLC (Tenant) LEASE THIS INDENTURE OF LEASE, made on this FILLIN \* MERGEFORMAT ___ day of ______, by Ferron City hereinafter called “Owner” and GreatLIFE Utah, LLC, hereinafter called “Tenant.” WITNESSETH: ARTICLE I BASIC TERMS Section 1.01. Basic Terms. A. Landlord: Ferron City, Utah B. Tenant: GreatLIFE Utah, LLC C. Address of Tenant: 212 S 3475 W, Layton Utah 84041 D. Leased Premise: Land, Building, & Improvements located as shown on Exhibit “A” attached hereto. E. Property: The Property, being commonly known as Millsite Golf Course, 3000 Canyon Road, Ferron, UT 84523 F. Commencement Date: TBD G. Lease Term: The term of this Lease shall run from the Commencement Date for a period of five (5) years from the first day of the month following the Commencement Date. Tenant shall have five (5) options to extend the Lease Term for additional Five (5) year periods, by providing written notice to Owner of its intent to extend the term, no later than three (3) months prior to the end of each term. Section 1.02. Effect of Reference to Basic Terms. Each reference in this Lease to any of the “Basic Terms” contained in Section 1.01 shall be construed to incorporate into such reference all of the definitions set forth in Section 1.01. ARTICLE II GRANT AND TERM Section 2.01. Leased Premise. In consideration of the lease, covenants, agreements and conditions hereinafter provided to be paid, kept, performed and observed, the Owner leases to the Tenant and Tenant hereby leases from the Owner the Leased Premise and Property described in Section 1.01 (D) and (E). THE TENANT AGREES THAT TENANT IS LEASING THE PREMISE. “AS IS.” “WHERE IS” and “WITH ALL FAULTS” AND THE LANDLORD MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO FITNESS, MERCHANTABILITY, USE OR CONDITION OF EITHER THE PREMISE OR ITS SUITABILITY FOR TENANTSINTENDED PURPOSES. Tenant leases the Leased Premise and accepts the Leased Premise without representation or warranty by Landlord, express or implied, in fact or by law, and without recourse, with respect to the condition of the Premise, including, but not limited to the soil and subsurface conditions thereof. Any work performed by Tenant or on behalf of Tenant shall be completely paid for and Tenant shall not permit nor suffer any mechanic's lien or materialmen's lien to attach to the Leased Premise or the Property. Tenant acknowledges that Owner has made no representations or agreements to perform any work at its expense, other than set forth in this Agreement. Section 2.02. Commencement of Term. Tenant shall have full access to the premise for landscaping. repairs and installation of its exercise equipment on the Commencement Date, but Rent shall not commence until the month following the Commencement Date. Section 2.03. Lease Year Defined. The first full Lease Year of the term of this Lease shall be that period commencing the first of the month following Commencement Date. Each subsequent full Lease Year shall commence on the anniversary of the same. ARTICLE III RENT AND BUSINESS OPERATIONS Section 3.01. Base Rent. Tenant shall pay annual Base Rent for the property in the total amount of $1 per year. Section 3.02. Business Operations. Owners operates the golf course from which it derives income from the sale of memberships, sometimes in advance. In addition, it leases space for weddings and events for which it collects deposits. It also sells gift cards and has other prepaid obligations. It also maintains certain inventory of merchandise. Tenant agrees to honor these obligations on behalf of Owner and Owner agrees to provide Tenant all unearned income it has received in advance. The Owner shall credit Tenant an amount equal to all prepaid memberships and deposits for all events. This credit shall be applied to monthly rent as the same shall become due. To the extent that Tenant receives prepaid gift cards in payment for goods and services,

FAQs

Who are the parties to the lease and what property is leased?

The landlord is Ferron City, Utah, and the tenant is GreatLIFE Utah, LLC. The leased property is the land, building, and improvements known as Millsite Golf Course at 3000 Canyon Road, Ferron, UT 84523, as shown on Exhibit A.

When does the lease start and what is the lease term?

The commencement date is TBD, and rent is not set to commence until the month following commencement. The initial term runs for five years from the first day of the month following the commencement date, with five additional five-year extension options.

How is rent and prepaid business handled under the lease?

Base rent is $1 per year. The tenant is expected to honor owner obligations tied to prepaid memberships and event deposits; owner provides credits applied to monthly rent as amounts become due and reimburses for prepaid gift cards upon proof.

Sep 1, 2026

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