FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS AMENDMENT TO NET LEASE AGREEMENT, made and entered
into effective as of the 2nd day of November, 2001, by and
between AEI Net Lease Income & Growth Fund XIX Limited
Partnership ("Fund XIX"), whose corporate general partner is AEI
Fund Management XIX, Inc., and AEI Income & Growth Fund 23 LLC
("Fund 23"), whose corporate general partner is AEI Fund
Management XXI, Inc., whose address is 1300 Minnesota World Trade
Center, 00 Xxxx Xxxxxxx Xxxxxx, Xx. Xxxx, Xxxxxxxxx 00000
("Lessor")(fax #000 000 0000), 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 San Antonio, 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 February 2, 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 February 2, 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
November 30, 2018.
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through November 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 and second Lease
Year: Lessee shall pay to Lessor Fund 23 an annual
Base Rent of $116,524.80, which amount shall be payable
in advance on the first day of each month in equal
monthly installments of $9,710.40 to Lessor Fund 23 and
shall pay to Lessor Fund XIX an annual Base Rent of
$126,235.20, which amount shall be payable in advance
on the first day of each month in equal monthly
installments of $10,519.60 to Lessor Fund XIX. 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.
7. The Lease does not contain an Exhibit B.
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/ Xxx Xxxxxx
Its:CFO
LESSOR: 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 NET LEASE INCOME & GROWTH FUND XIX LIMITED
PARTNERSHIP
By: AEI FUND MANAGEMENT XIX, INC., a Minnesota
corporation
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
