SECOND AMENDMENT TO NET LEASE AGREEMENT
THIS SECOND AMENDMENT TO NET LEASE AGREEMENT, made and
entered into effective as of the 3rd day of September, 1999, by
and between Net Lease Income & Growth Fund 84-A Limited
Partnership ("Fund 84-A" or "Lessor") and AEI Real Estate Fund 85-
A Limited Partnership ("85-A" or "Lessor")(hereinafter
collectively referred to as "Lessor"), and RTM Mid-America, Inc.
(hereinafter referred to as "Lessee");
WITNESSETH:
WHEREAS, Lessee and Lessor have entered into that certain
Net Lease Agreement dated December 17, 1998 (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;
WHEREAS, Lessee and Lessor entered into that certain First
Amendment to Net Lease Agreement dated effective as of September
3, 1999, and the same did not correctly reflect the understanding
of the parties as to the terms thereof as mandated by the Net
Lease Agreement;
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 Twenty (20)
consecutive "Lease Years", as hereinafter defined, commencing on
the date hereof, plus the period commencing December 17, 1998
("Occupancy Date") through the date hereof, with the contemplated
initial term hereof ending on September 30, 2019.
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through September 30, 2000.
2. Article 4(A) and (B) of the Lease shall henceforth read as
follows:
ARTICLE 4. RENT PAYMENTS
Rent Payable for the first Lease Year:
Lessee shall pay to Lessor a Base Rent of
$5,896.72 per month for the first six months of
the First Lease Year (plus the pro-rated portion
of the same monthly Rent for the period from
September 3, 1999, through September 30, 1999),
which amount shall be payable in advance on the
first day of each month in equal monthly
installments of $2,358.68 to Fund 84-A and
$3,538.02 to Fund 85-A. If the first day of the
first full Lease Year 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. For the second six months of the
First Lease Year, beginning April 1, 2000, Lessee
shall pay to Lessor a Base Rent of $8,164.70 per
month for the second six months of the First Lease
Year, which amount shall be payable in advance on
the first day of each month in equal monthly
installments of $3,265.88 to Fund 84-A and
$4,898.82 to Fund 85-A.
Annual Rent Payable for the second Lease
Year: Lessee shall pay to Lessor an annual Base
Rent of $97,976.34, which amount shall be payable
in advance on the first day of each month in equal
monthly installments of $3,265.88 to Fund 84-A and
$4,898.82 to Fund 85-A.
3. All other terms and conditions of the Lease shall remain in
full force and effect.
4. 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: RTM Mid-America, Inc.,
By:/s/ X X Xxxxxxx
Its:Senior Vice President
By: /s/ Xxxxxx X. Xxxxxxxxx
Its: VP Asst. Secretary
STATE OF GEORGIA)
)SS.
COUNTY OF XXXXXX)
The foregoing instrument was acknowledged before me this
28th day of September 1999, by Xxxxxx X Xxxxxxx and Xxxxxx X
Xxxxxxxxx, as SVP and VP Asst. Secy of RTM Mid-America, Inc. on
behalf of said company.
/s/ Xxxxxxxxxx X Xxxxxx
Notary Public
[notary seal]
[Remainder of page intentionally left blank]
LESSOR: NET LEASE INCOME & GROWTH FUND 84-A
LIMITED PARTNERSHIP
By: Net Lease Management 84-A, Inc.
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
STATE OF MINNESOTA )
)SS.
COUNTY OF XXXXXX )
The foregoing instrument was acknowledged before me the 5th
day of October, 1999, by Xxxxxx X Xxxxxxx, the President of Net
Lease Management 84-A, Inc., a Minnesota corporation, corporate
general partner of Net Lease Income & Growth Fund 84-A Limited
Partnership, on behalf of said limited partnership.
/s/ Xxxxxxx X Xxxxxxxx
Notary Public
[notary seal]
LESSOR: AEI REAL ESTATE FUND 85-A
LIMITED PARTNERSHIP
By: Net Lease Management 85-A, Inc.
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
STATE OF MINNESOTA )
)SS.
COUNTY OF XXXXXX )
The foregoing instrument was acknowledged before me the 5th
day of October, 1999, by Xxxxxx X Xxxxxxx, the President of Net
Lease Management 85-A, Inc., a Minnesota corporation, corporate
general partner of AEI Real Estate Fund 85-A Limited Partnership,
on behalf of said limited partnership.
/s/ Xxxxxxx X Xxxxxxxx
Notary Public
[notary seal]
FINAL CALCULATION OF RENT
FINAL FUNDING DATE: September 3, 1999
RTM MID-AMERICA, Inc.
Hudsonville, MI
September 3, 1999
Rent during 1st six months:
$1,102,000.00 TOTAL RTM PROJECT COST
x 6.421115% rental rate
= $70,760.69 annual rent
Payable to FUND 84-A 40.00% = $28,304.28
Payable to FUND 85-A 60.00% = $42,456.41
---------
$70,760.69
INITIAL MONTHLY RENT: $70,760.69 annual rent/12 Mos = $5,896.72
per month
Payable to FUND 84-A 40.00% = $2,358.69
Payable to FUND 85-A 60.00% = $3,538.03
--------
$5,896.72
RENT DUE AUGUST 27, 1999 $5,896.72/31 days x 5 days = $951.08
Payable to FUND 84-A 40.00% = $380.43
Payable to FUND 85-A 60.00% = $570.65
------
$951.08
OWNERSHIP INTERESTS AT DEVELOPMENT FINANCING CLOSING:
FUND XXII = 100.00%
FINAL CALCULATION OF RENT 2ND SIX MONTHS AND 2ND YEAR
MID AMERICA INC
HUDSONVILLE, MI
2nd Six months and Seconds Lease Year:
$1,102,000.00 TOTAL RTM PROJECT COST
x 8.890775% rental rate
= $97,976.34 annual rent
Payable to FUND 84-A 40.00% = $39,190.54
Payable to FUND 85-A 60.00% = $58,785.80
---------
$97,976.34
INITIAL MONTHLY RENT: $97,976.34 annual rent/12 Mos =$8,164.70 per month
Payable to FUND 84-A 40.00% = $3,265.88
Payable to FUND 85-A 60.00% = $4,898.82
--------
$8,164.70
