FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS AMENDMENT TO NET LEASE AGREEMENT, made and entered into
effective as of the 18th day of December, 2002, by and between
AEI INCOME & GROWTH FUND 24 LLC (hereinafter, "Fund 24"), a
Delaware limited liability company, whose corporate managing
member is AEI Fund Management XXI, Inc., a Minnesota corporation,
whose principal business address is 1300 Minnesota World Trade
Center, 00 Xxxx Xxxxxxx Xxxxxx, Xx. Xxxx, Xxxxxxxxx 00000
("Lessor"), and Champps Entertainment of Texas, Inc., a Texas
corporation ("Lessee"), whose principal business address is 00000
Xxxx Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxxxx, Xxxxxxxx 00000-0000;
WITNESSETH:
WHEREAS, Lessor is the fee owner of a certain parcel of real
property and improvements located at Houston, Texas, 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 April 8, 2002 (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 Twenty (20)
consecutive "Lease Years", as hereinafter defined, commencing on
April 8, 2002 ("Occupancy Date"), plus the period ending December
31, 2002, with the contemplated initial term hereof ending on
December 31, 2022.
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through December 31, 2003.
2. Article 4(A) of the Lease shall henceforth read as follows:
ARTICLE 4. RENT PAYMENTS
(A) Annual Rent Payable for the first, second, and third
Lease Years: Lessee shall pay to Lessor an annual Base
Rent of $316,500.00, which amount shall be payable in
advance on the first day of each month in equal monthly
installments of $26,375.00 to Fund 24. 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. Article 35 is hereby deleted in its entirety; Lessor and
Lessee agree that the referenced Development Financing Agreement
is terminated in accordance with its terms. All other terms and
conditions of the Lease shall remain in full force and effect.
4. Lessee has accepted delivery of the Leased Premises and has
entered into occupancy thereof;
5. 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;
6. 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.
7. 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: CHAMPPS ENTERTAINMENT OF TEXAS, INC.
By:/s/ Xxxxxxx X Xxxxx
Its:President
STATE OF TEXAS )
)SS.
COUNTY OF BEXAR)
The foregoing instrument was acknowledged before me this 13
day of December, 2002, by Xxxxxxx X Xxxxx, as President of
Champps Entertainment of Texas, Inc. on behalf of said
corporation.
/s/ Xxxxxxx Xxxxxxx
Notary Public
[notary seal]
Remainder of page intentionally left blank
LESSOR: AEI INCOME & GROWTH FUND 24 LLC, a
Delaware limited liability company
By: AEI FUND MANAGEMENT XXI, INC.,
a Minnesota corporation, its
managing member
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
STATE OF MINNESOTA )
)SS.
COUNTY OF XXXXXX )
The foregoing instrument was acknowledged before me the 23
day of December, 2002, by Xxxxxx X. Xxxxxxx, the President of
AEI Fund Management XXI, Inc., a Minnesota corporation, managing
member of AEI Income & Growth Fund 24 LLC, on behalf of said
limited liability company.
/s/ Xxxxxxx X Xxxxxxxxx [notary seal]
Notary Public
EXHIBIT "A"
LEGAL DESCRIPTION
All that certain 1.538 acres of land, out of Camden Park at Royal
Oaks, Sec. 3, according to the plat thereof recorded under Film
Code No. 470101, in the Map Records of Xxxxxx County, Texas, in
the Xxxxx Xxxxxxxx Survey, A-844, Xxxxxx County, Texas, and more
particularly described by metes and bounds as follows: (All
bearings based on the Texas State Plane Coordinate System, South
Central Zone)
BEGINNING at a 5/8" iron rod found for the northeast corner of
said Camden Park at Royal Oaks, Sec. 3, common to the northwest
corner of Westchase Subdivision, Section Eighteen, according to
the plat thereof recorded under Volume 291, Page 49, in the Map
Records of Xxxxxx County, Texas, and common to the northeast
corner of the herein described tract, in the south right-of-way
line of Westheimer Road (120' R.O.W.)
THENCE S 02 30' 21" E-263.09, along the east line of said Camden
Park at Royal Oaks, Sec. 3, common to the west line of said
Westchase Subdivision, Section Eighteen, to a _ iron rod set for
the southeast corner of the herein described tract;
THENCE S 87 18' 52" W-254.63, departing said common line, to a P-
K nail set in concrete for the southwest corner of the herein
described tract;
THENCE N 02 30' 21" W-263.09 to a 3/4" iron rod set for the
northwest corner of the herein described tract, in the north line
of the aforesaid Camden Park at Royal Oaks, Sec. 3, in the south
right-of-way line of the aforesaid Westheimer Road, from which a
3/4" iron rod found for the most northerly northwest corner of
said Camden Park at Royal Oaks, Sec. 3, common to the east corner
of Restricted Reserve "B", Kirkwood Drive, Meadowglen Lane, Royal
Oaks Club Drive and Westpark Drive, according to the plat thereof
recorded under Film Code No. 439077, in the Map Records of Xxxxxx
County, Texas, bears S 87 18' 52" W-496.39;
THENCE N 87 18' 52" E-254.63, along the north line of said Camden
Park at Royal Oaks, Sec. 3, common to the south line of said
Westheimer Road, to the POINT OF BEGINNING of the herein
described tract and containing 1.538 acres of land.
