FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS AMENDMENT TO NET LEASE AGREEMENT, made and entered
into effective as of the 26 day of September, 2001, by and
between AEI Net Lease Income & Growth Fund XX Limited Partnership
("Fund XX"), AEI Income & Growth Fund 23 LLC ("Fund 23"), AEI
Income & Growth Fund XXI Limited Partnership ("Fund XXI"), and
AEI Real Estate Fund 85-A Limited Partnership ("Fund 85-A"),
whose address is 1300 Minnesota World Trade Center, 00 Xxxx
Xxxxxxx Xxxxxx, Xx. Xxxx, Xxxxxxxxx 00000 ("Lessor")(fax #651 227
7705), and Kona Restaurant Group, Inc., a Delaware corporation,
whose address is 0000 Xxxxx Xxxx, 000 Xxxxx, Xxxxxx, Xxxxx 00000
("Lessee") (fax # 000 000 0000);
WITNESSETH:
WHEREAS, Lessor is the fee owner of a certain parcel of real
property and improvements located at Austin, Texas, and legally
described in Exhibit "A", which is attached hereto and
incorporated herein by reference and shall substitute for the
Exhibit A heretofore attached to the Lease (as defined below);
and
WHEREAS, Lessee has constructed the building and
improvements (together the "Building") on the real property
described in Exhibit "A", which Building is described in the
plans and specifications heretofore submitted to Lessor; and
WHEREAS, Lessee and Lessor have entered into that certain
Net Lease Agreement dated March 8, 2001 (the ?Lease?) providing
for the lease of said real property and Building (said real
property and Building hereinafter referred to as the "Leased
Premises"), from Lessor upon the terms and conditions therein
provided in the Lease;
NOW, THEREFORE, in consideration of the Rents, terms,
covenants, conditions, and agreements hereinafter described to be
paid, kept, and performed by Lessee, including the completion of
the Building and other improvements constituting the Leased
Premises, Lessee and Lessor do hereby agree to amend the Lease as
follows:
1. Article 2(A) and (B) of the Lease shall henceforth read as
follows:
ARTICLE 2. TERM
(A) The term of this Lease ("Term") shall be the period
commencing March 8, 2001 ("Occupancy Date") through the effective
date hereof, plus seventeen (17) consecutive "Lease Years", as
hereinafter defined, commencing on the effective date hereof,
with the contemplated initial term hereof ending on September 30,
2018.
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through September 30, 2002.
Each Lease Year after the first Lease Year shall be a successive
period of twelve (l2) calendar months.
2. Article 4(A) of the Lease shall henceforth read as follows:
ARTICLE 4. RENT PAYMENTS
(A) Annual Rent Payable for the first Lease Year: Lessee shall
pay to Lessor an annual Base Rent of $240,765.00, which amount
shall be payable in advance on the first day of each month in
equal monthly installments of $4,012.75 to Fund XX, $4,414.02 to
Fund 23, $5,015.94 to Fund XXI, and $6,621.04 to Fund 85-A. If
the first day of the Lease Term is not the first day of a
calendar month, then the monthly Rent payable for that partial
month shall be a prorated portion of the equal monthly
installment of Base Rent.
3. Lessee has accepted delivery of the Leased Premises and has
entered into occupancy thereof;
4. Lessee has fully inspected the Premises and found the same
to be as required by the Lease, in good order and repair, and all
conditions under the Lease to be performed by the Lessor have
been satisfied;
5. As of this date, the Lessor is not in default under any of
the terms, conditions, provisions or agreements of the Lease and
the undersigned has no offsets, claims or defenses against the
Lessor with respect to the Lease.
6. This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original and all of which shall
constitute one and the same instrument.
IN WITNESS WHEREOF, Lessor and Lessee have respectively signed
and sealed this Lease as of the day and year first above written.
LESSEE: Kona Restaurant Group, Inc.,
By: /s/ Xxxx Xxxxxx
Its: CFO
LESSOR:
AEI NET LEASE INCOME & GROWTH FUND XX LIMITED
PARTNERSHIP
By: AEI FUND MANAGEMENT XX, INC., a Minnesota
corporation
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
AEI INCOME & GROWTH FUND 23 LLC
By: AEI FUND MANAGEMENT XXI, INC., a Minnesota
corporation
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
By: AEI FUND MANAGEMENT XXI, INC., a Minnesota
corporation
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
AEI REAL ESTATE FUND 85-A LIMITED PARTNERSHIP
By: NET LEASE MANAGEMENT 85-A, INC., a Minnesota
corporation
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
GF # 20010017
Owner Policy No. 44-905-100-20010017
EXHIBIT "A"
DESCRIPTION
Tract 1:
Xxx 0X, XXXXXX XXXXXXXXXXXXX XX XXX XXX XXXXX F, SUNSET VALLEY
VILLAGE SUBDIVISION SECTION ONE, a subdivision in Xxxxxx County,
Texas, according to the map or plat of record in Document No. (s)
199900324, Official Public Records of Xxxxxx County, Texas.
FIELDNOTE DESCRIPTION:
Of a 1.979 acre tract of land situated in the City of Sunset
Valley, Xxxxxx County, Texas, being Xxx 0X, Xxxxxx Xxxxxxxxxxxxx
xx Xxx Xxx, Xxxx "F", Suset Valley Village Subdivision Section
One, a Subdivision of record in Document No. 199900324 of the
Official Public Records of Xxxxxx county, Texas; said 1.979 acres
being more particularly described by metes and bounds as follows:
Beginning at a 1/2 inch iron rod found at the point of
intersection of the Easterly right-of-way line of Xxxxxx Xxxx
(95; R. O. W.) being the northeasterly corner of that certain
0.653 acre right of way dedication to the City of Sunset Valley
of Record in Volume 13134, Page 961 of the Real Property Records
of Xxxxxx County, Texas with the southerly right-of-way line of
that certain 110' right-of-way dedication to the City If Sunset
Valley by Deed of Record in Volume 13134, Page 1008 of said Real
Property records, same being the most northwesterly corner of
said Lot 1C;
Thence, leaving the easterly line of Xxxxxx Xxxx, along the
southerly line of said 110' right-of-way dedication, being the
northerly line of said Lot 1C, same being the northerly line
hereof, the following two (2) courses and distances:
1) S61 degrees 27 minutes 36 seconds East, a distance of 136.43
feet to a 1/2 inch iron rod found for the point of curvature of a
curve to the right;
2) Along said curve to the right having a radius of 545.00 feet,
a central angle of 13 degrees, 06 mins. 50 seconds, an arc
distance of 124.74 feet and a chord which bears S54 degrees 54
mins. 11 sec. E, a distance of 124.47 feet to the end of said
curve, to a cut "X" found in concrete being the northeasterly
corner of Lot 1B of said second resubdivision of Lot One, Block
"F", for the northeasterly corner hereof;
Thence, leaving the southerly line of said 110' right-of-way
dedication, along the common lines of said Lot 1B and Lot 1A of
said second reubdivision of Lot One, Block "F", along the
irregular easterly and southerly lines hereof, the following four
(4) courses and distances:
1) S28 degrees 28 minutes 47 seconds West, a distance of 261.34
feet to a PK nail found for an angle point hereof, being the
southwesterly corner of said Lot 1B;
2) N61 degrees 31 minutes 13 seconds West, a distance of 20.56
feet to a 1/2 inch iron rod found for an angle point;
3) S28 degrees 28 minutes 47 seconds West, a distance of 62.96
feet to PK nail found for the southeasterly corner of said Lot 1C
and hereof;
4) N61 degrees 31 minutes 13 seconds West, a distance of 239.51
feet to a PK nail found in the easterly line of Xxxxxx Xxxx,
being the westerly line of said Xxx 0X, xxx xxx xxxxxxxxxxxxx
xxxxxx xx xxxx Xxx 0X and hereof;
THENCE, N28 degrees 28 minutes 47 seconds East, along the
easterly line of Xxxxxx Xxxx, being the westerly line of said Lot
1C, same being the Westerly line hereof, a distance of 338.78
feet to the point of beginning, containing an area of 1.979 acres
(86,193 square feet) of land, more or less, within these metes
and bounds.
NOTE: THIS COMPANY DOES NOT REPRESENT THAT THE ABOVE ACREAGE AND
/OR SQUARE FOOTAGE CALCULATIONS ARE CORRECT.
Tract II:
Non-exclusive easement for vehicular and pedestrian access,
parking and utilities as created and more particularly described
under Section 3.1 and 3.2 and shown on Exhibit "C" of that
certain reciprocal easement and development agreement with
restrictive covenants recorded in Volume 13325, Page 1780 and
recorded in Volume 13667, Page 2563, of the Real Property
Records of Xxxxxx County, Texas.
Tract III:
Non-exclusive easement for vehicular and pedestrian access as
created and more particularly described under Section 3.1 and
3.2, and as shown on Exhibit "C" of that certain reciprocal
access easement agreement with restrictive covenants recorded in
Document No. 1999113951 of the Real Property Records of Xxxxxx
County.
