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MDNT > SEC Filings for MDNT > Form 8-K on 27-Aug-2013All Recent SEC Filings

Show all filings for MEDIENT STUDIOS, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for MEDIENT STUDIOS, INC.


27-Aug-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial


Item 1.01: Entry into a Material Definitive Agreement.

On August 21, 2013, the registrant entered into a lease agreement with the Effingham County Industrial Development Authority, an instrumentality of the State of Georgia. Under this lease agreement, the registrant will lease approximately 1,550 acres of land located within Effingham County, Georgia. The lease is effective from August 21, 2013 through July 1, 2033. No rent payments are due for the first two years, and the total rent of $10,000,000 will be paid in 18 annual installments, commencing February 28, 2016. The registrant shall be obligated to pay additional rent if it does not achieve the specified goals of $90,000,000 in investment and 1,000 jobs on or before the end of year five.
At the end of the lease agreement, the registrant has the option to purchase the property for $100.

In the event of default, Effingham County can declare the entire unpaid amount to be immediately due and payable and enforce all basic rent obligations.

Throughout the term of the lease, the registrant shall maintain the following insurance at its own expense: hazard and casualty insurance on the leased property of the lesser of 100% of the replacement cost of the project or the full insurable value of the project, general liability insurance in the aggregate of $2,000,000 with deductibles not to exceed $25,000, and worker's compensation insurance as required by law.

In connection with the lease, the registrant and the Effingham County Industrial Development Authority entered into the Bond Loan Purchase Agreement, pursuant to which the Effingham County Industrial Development Authority agreed to issue up to $300,000,000 in Taxable Industrial Development Revenue Bonds. The bond will be issued as a single bond draw-down instrument, which will mature on July 1, 2033 and bear interest at a rate of 6.00% per annum, payable on July 1 of each year. The proceeds of the bonds will be used by the Effingham County Industrial Development Authority to acquire the movie studio project to be developed on the land, which project will be leased to the registrant.



Item 2.03: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

See Item 1.01 above.



Item 9.01: Financial Statements and Exhibits

(d)

Exhibit 10.1: Lease agreement effective August 21, 2013.

Exhibit 10.2: Option agreement effective August 21, 2013.

Exhibit 10.3: Bond purchase loan agreement effective August 21, 2013.

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