FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS AMENDMENT TO NET LEASE AGREEMENT, made and entered
into effective as of the 11th day of July, 2001, by and between
AEI Private Net Lease Millennium Fund Limited Partnership
("Millennium Fund"), AEI Real Estate Fund XVIII Limited
Partnership ("Fund XVIII"), AEI Net Lease Income & Growth Fund
XIX Limited Partnership ("Fund XIX"), and AEI Income & Growth
Fund 23 LLC ("Fund 23"), whose address is 1300 Minnesota World
Trade Center, 00 Xxxx Xxxxxxx Xxxxxx, Xx. Xxxx, Xxxxxxxxx 00000
("Lessor"), and Razzoo's, Inc., a Texas corporation, whose
address is 00000 Xxxxxx Xxxxxxx, Xxxxx 000, Xxxxx Xxxxxx, Xxxxx
00000 ("Lessee");
WITNESSETH:
WHEREAS, Lessor is the fee owner of a certain parcel of real
property and improvements located at Alpharetta, Georgia, and
legally described in Exhibit "A", which is attached hereto and
incorporated herein by reference; 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 June 30, 2000 (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 June 30, 2000 ("Occupancy Date") through the effective
date hereof, plus Fifteen (15) consecutive "Lease Years", as
hereinafter defined, commencing on the effective date hereof,
with the contemplated initial term hereof ending on July 31,
2016.
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through July 31, 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 an annual Base Rent of
$369,729.75, which amount shall be payable in advance on
the first day of each month in equal monthly
installments of $7,394.59 to Fund XVIII, $4,929.73 to
Fund XIX, $13,556.76 to Fund 23, and $4,929.73 to
Millennium Fund. 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. To the best knowledge of the Lessee after due inquiry, 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 shall henceforth contain the Exhibit B attached
hereto and now hereby incorporated into the Lease; Lessor is
the owner of the equipment listed on Exhibit B and Lessee is
leasing such equipment from Lessor as set forth in the Lease.
8. Article 34 of the Lease, "Development Financing Agreement"
is hereby deleted and to the extent not inconsistent
therewith, the Lease shall supercede the Development
Financing Agreement.
9. All other terms and conditions of the Lease shall remain in
full force and effect.
IN WITNESS WHEREOF, Lessor and Lessee have respectively signed
and sealed this Lease Amendment effective as of the day and year
first above written.
LESSEE: RAZZOO'S, INC.,
By: /s/ Xxxxxxx Xxxxxxxxxxx
Its: CEO
LESSOR:
AEI Income & Growth Fund 23 LLC
By: AEI Fund Management XXI, Inc.
By: /s/ Xxxx X Xxxxxx
Xxxx Xxxxxx, Chief Financial Officer
AEI Real Estate Fund XVIII Limited Partnership
By: AEI Fund Management XVIII, Inc.
By: /s/ Xxxx X Xxxxxx
Xxxx Xxxxxx, Chief Financial Officer
AEI Net Lease Income & Growth Fund XIX Limited
Partnership
By: AEI Fund Management XIX, Inc.
By: /s/ Xxxx X Xxxxxx
Xxxx Xxxxxx, Chief Financial Officer
AEI Private Net Lease Millennium Fund Limited
Partnership
By: AEI Fund Management XVIII, Inc.
By: /s/ Xxxx X Xxxxxx
Xxxx Xxxxxx, Chief Financial Officer
Exhibit A
All that tract or parcel of land lying and being located Land Xxx
000, 0xx Xxxxxxxx, 0xx Xxxxxxx, Xxxx of Alpharetta, Xxxxxx
County, Georgia and being more particularly described as follows:
BEGINNING at a point located at the Southwest end of a miter at
intersection of the East right of
way (R/W) line at Xxxxxx Bridge Road (R/W varies) and the
Southeast R/W line of North Point Parkway (130' R/W); thence
along said miter North 33 26' 45" East, a distance of 58.73 feet
to a point on the Southeast R/W line of North Point Parkway:
thence following said R/W line North 0 09' 13" East, a distance
of 90.00 feet to a point; thence 152.48 feet along a curve to the
left, said curve having a chord of North 78 33' 41" East 132.25
feet and a radius of 781.20 feet to a point: thence 213.48 feet
along a curve to the left, said curve having a chord of North 65
08' 28" East 212.82 feet and a radius of 781.20 feet to a 1/2 "
rebar set and the TRUE POINT OF BEGINNING; thence continuing
along said R/W line 26.70 feet along a curve to the left, said
curve having a chord of North 56 79'58" East 26.70 feet and a
radius of 751.20 to a point; thence north 55 21' 13" East, a
distance of 320.00 feet to a point; thence 14.34 feet and a
radius of 651.20 feet to a 1/2 rebar set at the Northwest end of
a miter at the intersection of said R/W line and the Northwest
R/W line of Xxxxxxx Xxxx (R/W varies): thence along said miter
South 57 34' 15" East, a distance of 103.65 feet to a 1/2 rebar
set on the Northwest R/W line of Xxxxxxx Xxxx: thence following
said R/W line South 20 00' 59" East, a distance of 51.07 feet to
a point: thence 268. 57 feet along a curve to the right, said
curve having a chord of South 15 04' 23" West 263.00 feet and a
radius of 409.50 feet to a point; thence South 34 52 08" West, a
distance of 175.47 feet to a concrete nail set; thence leaving
said R/W the North 55 07' 51" West, a distance of 77.67 feet to a
1/2" rebar set: thence north 36 20" 19' West, a distance of
292.87 feet to the TRUE POINT OF BEGINNING, Said tract contains
2.593 acres or 112962 square feet.
TOGETHER WITH THE RIGHTS OF EGRESS AND INGRESS AS SET FORTH IN
THAT CERTAIN INTERPARCEL ACCESS EASEMENT CONTAINED IN DB 24701,
PAGE 280, RECORDS OF XXXXXX COUNTY, GA.
Exhibit B
Walk-In Cooler/Freezer, Manufacturer American Panel, Job Number
28812