MASTER AGREEMENT AMENDMENT NO. 1
Exhibit 10.3
MASTER
AGREEMENT
AMENDMENT XX. 0
XXXXXXXXX XX. 0 TO MASTER AGREEMENT entered into this 5th day of October, 2009, by and between XXXXXX CAPITAL MANAGEMENT, L.L.C., DHW LEASING, L.L.C., and XXXXXX EQUITY MANAGEMENT, L.L.C., all South Dakota limited liability companies with a business address of 000 Xxxxx Xxxxxxxx Xxxxxx, Xxxxx 000, Xxxxx Xxxxx, Xxxxx Xxxxxx 00000 (individually referred to as “DCM,” “DHW,” and “DEM,” and collectively referred to as the “Xxxxxx Entities” or “Xxxxxx”); and GRANITE CITY FOOD & BREWERY LTD, a Minnesota corporation (“Corporation” or “Granite City”).
W I T N E S S E T H:
WHEREAS, the Xxxxxx Entities and the Corporation entered into a Master Agreement on February 7, 2009 (the “Master Agreement”);
WHEREAS, the parties hereto have concurrently entered into a Debt Conversion Agreement and have agreed in connection therewith to amend this Master Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
1. Aggregate Rent Reductions. Section 1 is hereby amended and restated as follows:
“The Xxxxxx Entities hereby (i) agree to provide aggregate rent reductions to the Corporation in calendar year 2009 in the amounts specified on the attached Exhibit A, (ii) agree to provide the rent reductions in the calendar year 2010 in the amounts specified on the attached Exhibit A, and (iii) agree to use reasonable commercial efforts to obtain additional rent reductions to achieve a total of $1,700,000 in rent reductions for the calendar year 2010, including the rent reductions referred to in (ii).”
2. Effect of Amendment. All remaining terms of the Master Agreement shall remain in full force and effect.
1
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to Master Agreement effective the date first above written.
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DHW LEASING, L.L.C. |
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By: |
/s/ Xxxxxx X. Xxxxxx, Xx. |
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Name: |
Xxxxxx X. Xxxxxx, Xx. |
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Its: |
Managing Member |
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XXXXXX CAPITAL MANAGEMENT, L.L.C. |
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By: |
/s/ Xxxxxx X. Xxxxxx, Xx. |
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Name: |
Xxxxxx X. Xxxxxx, Xx. |
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Its: |
Managing Member |
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XXXXXX EQUITY MANAGEMENT, L.L.C. |
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By: |
/s/ Xxxxxx X. Xxxxxx, Xx. |
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Name: |
Xxxxxx X. Xxxxxx, Xx. |
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Its: |
Managing Member |
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GRANITE CITY FOOD & BREWERY LTD. |
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By: |
/s/ Xxxxxx X. Xxxxxxxxx |
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Name: |
Xxxxxx X. Xxxxxxxxx |
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Its: |
President and Chief Executive Officer |
2
EXHIBIT A
See Attached.
3
Granite City Food & Brewery
Building/Land Leases
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2009 |
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2009 |
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2010 |
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2010 |
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2008 |
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2008 |
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Average |
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Average |
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Average |
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Average |
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Monthly |
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Yearly |
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Monthly |
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Yearly |
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Monthly |
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Yearly |
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Payments |
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Payments |
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Payments (1) |
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Payments (1) |
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Payments (1) |
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Payments (1) |
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Non-Xxxxxx Leases |
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Sioux Falls |
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$ |
25,431.38 |
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$ |
305,176.56 |
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$ |
21,500.00 |
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$ |
258,000.00 |
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$ |
21,500.00 |
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$ |
258,000.00 |
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St. Louis Park |
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$ |
12,385.42 |
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$ |
148,625.04 |
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$ |
9,885.35 |
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$ |
118,624.24 |
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$ |
12,385.42 |
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$ |
148,625.04 |
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W. Wichita |
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$ |
26,250.00 |
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$ |
315,000.00 |
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$ |
17,250.00 |
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$ |
207,000.00 |
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$ |
27,500.00 |
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$ |
330,000.00 |
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St. Cloud |
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$ |
21,310.97 |
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$ |
255,731.64 |
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$ |
19,830.71 |
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$ |
237,968.46 |
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$ |
22,421.63 |
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$ |
269,059.56 |
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Cedar Rapids |
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$ |
26,250.00 |
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$ |
315,000.00 |
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$ |
26,250.00 |
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$ |
315,000.00 |
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$ |
26,250.00 |
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$ |
315,000.00 |
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E. Peoria |
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$ |
39,025.00 |
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$ |
468,300.00 |
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$ |
32,229.51 |
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$ |
386,754.13 |
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$ |
34,814.24 |
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$ |
417,770.86 |
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Fargo |
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$ |
6,000.00 |
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$ |
72,000.00 |
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$ |
6,000.00 |
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$ |
72,000.00 |
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$ |
6,000.00 |
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$ |
72,000.00 |
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Orland Park |
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$ |
45,062.50 |
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$ |
540,750.00 |
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$ |
29,192.71 |
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$ |
350,312.52 |
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$ |
25,000.00 |
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$ |
300,000.00 |
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Maple Grove |
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$ |
30,625.00 |
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$ |
367,500.00 |
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$ |
27,708.33 |
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$ |
332,500.00 |
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$ |
25,625.00 |
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$ |
307,500.00 |
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Legends |
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$ |
33,687.50 |
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$ |
404,250.00 |
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$ |
26,786.42 |
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$ |
321,437.04 |
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$ |
24,985.32 |
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$ |
299,823.84 |
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Total |
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$ |
266,027.77 |
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$ |
3,192,333.24 |
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$ |
216,633.03 |
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$ |
2,599,596.39 |
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$ |
226,481.61 |
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$ |
2,717,779.30 |
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Savings from 2008 |
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$ |
592,736.85 |
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$ |
474,553.94 |
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Xxxxxx Leases |
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Des Moines |
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24,500.00 |
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$ |
294,000.00 |
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$ |
9,483.33 |
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$ |
113,800.00 |
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$ |
8,500.00 |
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$ |
102,000.00 |
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Xxxxxxxxx |
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28,437.50 |
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$ |
341,250.00 |
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$ |
16,437.50 |
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$ |
197,250.00 |
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$ |
16,437.50 |
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$ |
197,250.00 |
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Lincoln |
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26,732.55 |
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$ |
320,790.60 |
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$ |
20,715.88 |
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$ |
248,590.56 |
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$ |
19,650.00 |
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$ |
235,800.00 |
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Wichita |
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28,000.00 |
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$ |
336,000.00 |
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$ |
16,229.17 |
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$ |
194,750.00 |
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$ |
15,500.00 |
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$ |
186,000.00 |
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Xxxxx |
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33,031.25 |
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$ |
396,375.00 |
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$ |
26,750.00 |
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$ |
321,000.00 |
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$ |
26,750.00 |
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$ |
321,000.00 |
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Zona Xxxx |
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37,187.50 |
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$ |
446,250.00 |
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$ |
19,816.67 |
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$ |
237,800.00 |
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$ |
19,000.00 |
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$ |
228,000.00 |
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Olathe |
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34,562.50 |
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$ |
414,750.00 |
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$ |
24,229.17 |
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$ |
290,750.00 |
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$ |
24,000.00 |
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$ |
288,000.00 |
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Omaha |
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26,291.67 |
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$ |
315,500.04 |
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$ |
19,854.17 |
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$ |
238,250.04 |
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$ |
19,666.67 |
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$ |
236,000.04 |
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Rosedale |
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33,625.00 |
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$ |
403,500.00 |
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$ |
33,625.00 |
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$ |
403,500.00 |
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$ |
33,625.00 |
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$ |
403,500.00 |
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Madison |
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34,055.59 |
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$ |
408,667.08 |
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$ |
34,055.59 |
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$ |
408,667.08 |
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$ |
34,055.59 |
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$ |
408,667.08 |
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Rockford |
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36,750.00 |
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$ |
441,000.00 |
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$ |
36,750.00 |
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$ |
441,000.00 |
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$ |
36,750.00 |
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$ |
441,000.00 |
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Xxxxxx |
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33,750.00 |
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$ |
405,000.00 |
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$ |
33,750.00 |
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$ |
405,000.00 |
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$ |
33,750.00 |
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$ |
405,000.00 |
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Creve Coeur |
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26,252.00 |
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$ |
315,024.00 |
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$ |
25,938.00 |
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$ |
311,256.00 |
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$ |
26,252.67 |
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$ |
315,032.04 |
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Fort Xxxxx |
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32,208.33 |
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$ |
386,499.96 |
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$ |
32,208.33 |
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$ |
386,499.96 |
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$ |
32,208.33 |
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$ |
386,499.96 |
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Toledo |
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32,083.33 |
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$ |
384,999.96 |
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$ |
32,083.33 |
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$ |
384,999.96 |
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$ |
32,083.33 |
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$ |
384,999.96 |
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South Bend |
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34,381.85 |
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$ |
412,582.20 |
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$ |
34,568.55 |
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$ |
414,822.64 |
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$ |
34,441.85 |
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$ |
413,302.20 |
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Indianapolis |
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37,901.88 |
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$ |
454,822.56 |
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$ |
37,901.88 |
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$ |
454,822.56 |
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$ |
37,901.92 |
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$ |
454,823.04 |
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$ |
539,750.95 |
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$ |
6,477,011.40 |
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$ |
454,396.57 |
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$ |
5,452,758.80 |
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$ |
450,572.86 |
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$ |
5,406,874.32 |
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Savings from 2008 |
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$ |
1,024,252.60 |
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$ |
1,070,137.08 |
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All Leases |
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$ |
805,778.72 |
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$ |
9,669,344.64 |
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$ |
671,029.60 |
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$ |
8,052,355.19 |
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$ |
666,991.97 |
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$ |
8,003,903.62 |
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Savings from 2008 |
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$ |
1,616,989.45 |
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$ |
1,665,441.02 |
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(1.) Payments are averaged as concession beginning and ending dates vary by store in 2009 and 2010
4
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2009 |
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2009 - Actual and Projected Monthly Rents |
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2009 |
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Average |
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Jan |
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Feb |
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Mar |
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Apr |
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May |
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Jun |
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Jul |
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Aug |
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Sep |
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Oct |
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Nov |
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Dec |
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Total |
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Monthly |
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Non-Xxxxxx Leases |
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Sioux Falls |
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$ |
21,500.00 |
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$ |
21,500.00 |
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$ |
21,500.00 |
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$ |
21,500.00 |
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$ |
21,500.00 |
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$ |
21,500.00 |
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$ |
21,500.00 |
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$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
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$ |
21,500.00 |
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$ |
258,000.00 |
|
$ |
21,500.00 |
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St. Louis Park |
|
$ |
9,885.32 |
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$ |
9,885.32 |
|
$ |
9,885.32 |
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$ |
9,885.32 |
|
$ |
9,885.32 |
|
$ |
9,885.32 |
|
$ |
9,885.32 |
|
$ |
9,885.32 |
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$ |
9,885.42 |
|
$ |
9,885.42 |
|
$ |
9,885.42 |
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$ |
9,885.42 |
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$ |
118,624.24 |
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$ |
9,885.35 |
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W. Wichita |
|
$ |
18,375.00 |
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$ |
18,375.00 |
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$ |
18,375.00 |
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$ |
18,375.00 |
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$ |
18,375.00 |
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$ |
18,375.00 |
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$ |
18,375.00 |
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$ |
18,375.00 |
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$ |
15,000.00 |
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$ |
15,000.00 |
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$ |
15,000.00 |
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$ |
15,000.00 |
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$ |
207,000.00 |
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$ |
17,250.00 |
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St. Cloud |
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$ |
17,610.00 |
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$ |
17,610.00 |
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$ |
17,610.00 |
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$ |
17,610.00 |
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$ |
17,610.00 |
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$ |
17,610.00 |
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$ |
21,310.97 |
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$ |
21,310.97 |
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$ |
22,421.63 |
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$ |
22,421.63 |
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$ |
22,421.63 |
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$ |
22,421.63 |
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$ |
237,968.46 |
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$ |
19,830.71 |
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Cedar Rapids |
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$ |
26,250.00 |
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$ |
26,250.00 |
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$ |
26,250.00 |
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$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
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$ |
26,250.00 |
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$ |
315,000.00 |
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$ |
26,250.00 |
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E. Peoria |
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$ |
39,025.00 |
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$ |
32,520.83 |
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$ |
32,520.83 |
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$ |
32,520.83 |
|
$ |
32,520.83 |
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$ |
32,520.83 |
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$ |
32,520.83 |
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$ |
32,520.83 |
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$ |
30,020.83 |
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$ |
30,020.83 |
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$ |
30,020.83 |
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$ |
30,020.83 |
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$ |
386,754.13 |
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$ |
32,229.51 |
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Fargo |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
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$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
72,000.00 |
|
$ |
6,000.00 |
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Orland Park |
|
$ |
45,062.50 |
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$ |
30,041.67 |
|
$ |
30,041.67 |
|
$ |
30,041.67 |
|
$ |
30,041.67 |
|
$ |
30,041.67 |
|
$ |
30,041.67 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
350,312.52 |
|
$ |
29,192.71 |
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|
Maple Grove |
|
$ |
30,625.00 |
|
$ |
30,625.00 |
|
$ |
30,625.00 |
|
$ |
30,625.00 |
|
$ |
30,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
332,500.00 |
|
$ |
27,708.33 |
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|
Legends |
|
$ |
28,072.92 |
|
$ |
28,072.92 |
|
$ |
28,072.92 |
|
$ |
28,072.92 |
|
$ |
28,072.92 |
|
$ |
28,072.92 |
|
$ |
28,072.92 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
321,437.04 |
|
$ |
26,786.42 |
|
|
Total |
|
$ |
242,405.74 |
|
$ |
220,880.74 |
|
$ |
220,880.74 |
|
$ |
220,880.74 |
|
$ |
220,880.74 |
|
$ |
215,880.74 |
|
$ |
219,581.71 |
|
$ |
211,452.44 |
|
$ |
206,688.20 |
|
$ |
206,688.20 |
|
$ |
206,688.20 |
|
$ |
206,688.20 |
|
$ |
2,599,596.39 |
|
$ |
216,633.03 |
|
|
Savings from 2008 |
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|
|
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|
|
|
$ |
592,736.85 |
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|
|
|
|
|
|
|
|
|
2009 |
|
||||||||||||||
|
|
|
2009 - Actual and Projected Monthly Rents |
|
2009 |
|
Average |
|
||||||||||||||||||||||||||||||||||||
|
|
|
Jan |
|
Feb |
|
Mar |
|
Apr |
|
May |
|
Jun |
|
Jul |
|
Aug |
|
Sep |
|
Oct |
|
Nov |
|
Dec |
|
Total |
|
Monthly |
|
||||||||||||||
|
Xxxxxx Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Des Moines |
|
$ |
14,400.00 |
|
$ |
14,400.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
113,800.00 |
|
$ |
9,483.33 |
|
|
Xxxxxxxxx |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
197,250.00 |
|
$ |
16,437.50 |
|
|
Lincoln |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
20,715.88 |
|
$ |
248,590.56 |
|
$ |
20,715.88 |
|
|
Wichita |
|
$ |
22,750.00 |
|
$ |
16,250.00 |
|
$ |
16,250.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
194,750.00 |
|
$ |
16,229.17 |
|
|
Xxxxx |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
321,000.00 |
|
$ |
26,750.00 |
|
|
Zona Xxxx |
|
$ |
28,800.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
237,800.00 |
|
$ |
19,816.67 |
|
|
Olathe |
|
$ |
26,750.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
290,750.00 |
|
$ |
24,229.17 |
|
|
Omaha |
|
$ |
21,916.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
238,250.04 |
|
$ |
19,854.17 |
|
|
Rosedale |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
403,500.00 |
|
$ |
33,625.00 |
|
|
Madison |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
408,667.08 |
|
$ |
34,055.59 |
|
|
Rockford |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
441,000.00 |
|
$ |
36,750.00 |
|
|
Xxxxxx |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
405,000.00 |
|
$ |
33,750.00 |
|
|
Creve Coeur |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
20,358.00 |
|
$ |
20,358.00 |
|
$ |
20,358.00 |
|
$ |
20,358.00 |
|
$ |
20,358.00 |
|
$ |
20,358.00 |
|
$ |
20,358.00 |
|
$ |
311,256.00 |
|
$ |
25,938.00 |
|
|
Fort Xxxxx |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
386,499.96 |
|
$ |
32,208.33 |
|
|
Toledo |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
384,999.96 |
|
$ |
32,083.33 |
|
|
South Bend |
|
$ |
34,381.85 |
|
$ |
34,381.85 |
|
$ |
34,381.85 |
|
$ |
34,381.85 |
|
$ |
34,381.85 |
|
$ |
34,701.91 |
|
$ |
34,701.91 |
|
$ |
34,701.91 |
|
$ |
34,701.91 |
|
$ |
34,701.91 |
|
$ |
34,701.91 |
|
$ |
34,701.91 |
|
$ |
414,822.64 |
|
$ |
34,568.55 |
|
|
Indianapolis |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
37,901.88 |
|
$ |
454,822.56 |
|
$ |
37,901.88 |
|
|
|
|
$ |
487,026.03 |
|
$ |
465,726.03 |
|
$ |
459,826.03 |
|
$ |
459,076.03 |
|
$ |
459,076.03 |
|
$ |
446,004.09 |
|
$ |
446,004.09 |
|
$ |
446,004.09 |
|
$ |
446,004.09 |
|
$ |
446,004.09 |
|
$ |
446,004.09 |
|
$ |
446,004.09 |
|
$ |
5,452,758.80 |
|
$ |
454,396.57 |
|
|
Savings from 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,024,252.60 |
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
All Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
$ |
729,431.77 |
|
$ |
686,606.77 |
|
$ |
680,706.77 |
|
$ |
679,956.77 |
|
$ |
679,956.77 |
|
$ |
661,884.83 |
|
$ |
665,585.80 |
|
$ |
657,456.53 |
|
$ |
652,692.29 |
|
$ |
652,692.29 |
|
$ |
652,692.29 |
|
$ |
652,692.29 |
|
$ |
8,052,355.19 |
|
$ |
671,029.60 |
|
|
Savings from 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,616,989.45 |
|
|
|
|||||||||||||
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
||||||||||||||
|
|
|
2010 - Actual and Projected Monthly Rents |
|
2010 |
|
Average |
|
||||||||||||||||||||||||||||||||||||
|
|
|
Jan |
|
Feb |
|
Mar |
|
Apr |
|
May |
|
Jun |
|
Jul |
|
Aug |
|
Sep |
|
Oct |
|
Nov |
|
Dec |
|
Total |
|
Monthly |
|
||||||||||||||
|
Non-Xxxxxx Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Sioux Falls |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
21,500.00 |
|
$ |
258,000.00 |
|
$ |
21,500.00 |
|
|
St. Louis Park |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
12,385.42 |
|
$ |
148,625.04 |
|
$ |
12,385.42 |
|
|
W. Wichita |
|
$ |
15,000.00 |
|
$ |
15,000.00 |
|
$ |
15,000.00 |
|
$ |
15,000.00 |
|
$ |
15,000.00 |
|
$ |
15,000.00 |
|
$ |
15,000.00 |
|
$ |
15,000.00 |
|
$ |
22,312.50 |
|
$ |
22,312.50 |
|
$ |
22,312.50 |
|
$ |
22,312.50 |
|
$ |
209,250.00 |
|
$ |
17,437.50 |
|
|
St. Cloud |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
22,421.63 |
|
$ |
269,059.56 |
|
$ |
22,421.63 |
|
|
Cedar Rapids |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
26,250.00 |
|
$ |
315,000.00 |
|
$ |
26,250.00 |
|
|
E. Peoria |
|
$ |
30,020.83 |
|
$ |
30,020.83 |
|
$ |
35,772.92 |
|
$ |
35,772.92 |
|
$ |
35,772.92 |
|
$ |
35,772.92 |
|
$ |
35,772.92 |
|
$ |
35,772.92 |
|
$ |
35,772.92 |
|
$ |
35,772.92 |
|
$ |
35,772.92 |
|
$ |
35,772.92 |
|
$ |
417,770.86 |
|
$ |
34,814.24 |
|
|
Fargo |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
6,000.00 |
|
$ |
72,000.00 |
|
$ |
6,000.00 |
|
|
Orland Park |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
300,000.00 |
|
$ |
25,000.00 |
|
|
Maple Grove |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
25,625.00 |
|
$ |
307,500.00 |
|
$ |
25,625.00 |
|
|
Legends |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
24,985.32 |
|
$ |
299,823.84 |
|
$ |
24,985.32 |
|
|
Total |
|
$ |
209,188.20 |
|
$ |
209,188.20 |
|
$ |
214,940.29 |
|
$ |
214,940.29 |
|
$ |
214,940.29 |
|
$ |
214,940.29 |
|
$ |
214,940.29 |
|
$ |
214,940.29 |
|
$ |
229,940.29 |
|
$ |
244,940.29 |
|
$ |
259,940.29 |
|
$ |
274,940.29 |
|
$ |
2,717,779.30 |
|
$ |
226,481.61 |
|
|
Savings from 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
474,553.94 |
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
||||||||||||||
|
|
|
2010 - Actual and Projected Monthly Rents |
|
2010 |
|
Average |
|
||||||||||||||||||||||||||||||||||||
|
|
|
Jan |
|
Feb |
|
Mar |
|
Apr |
|
May |
|
Jun |
|
Jul |
|
Aug |
|
Sep |
|
Oct |
|
Nov |
|
Dec |
|
Total |
|
Monthly |
|
||||||||||||||
|
Xxxxxx Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Des Moines |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
8,500.00 |
|
$ |
102,000.00 |
|
$ |
8,500.00 |
|
|
Xxxxxxxxx |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
16,437.50 |
|
$ |
197,250.00 |
|
$ |
16,437.50 |
|
|
Lincoln |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
19,650.00 |
|
$ |
235,800.00 |
|
$ |
19,650.00 |
|
|
Wichita |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
15,500.00 |
|
$ |
186,000.00 |
|
$ |
15,500.00 |
|
|
Xxxxx |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
26,750.00 |
|
$ |
321,000.00 |
|
$ |
26,750.00 |
|
|
Zona Xxxx |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
19,000.00 |
|
$ |
228,000.00 |
|
$ |
19,000.00 |
|
|
Olathe |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
24,000.00 |
|
$ |
288,000.00 |
|
$ |
24,000.00 |
|
|
Omaha |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
19,666.67 |
|
$ |
236,000.04 |
|
$ |
19,666.67 |
|
|
Rosedale |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
33,625.00 |
|
$ |
403,500.00 |
|
$ |
33,625.00 |
|
|
Madison |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
34,055.59 |
|
$ |
408,667.08 |
|
$ |
34,055.59 |
|
|
Rockford |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
36,750.00 |
|
$ |
441,000.00 |
|
$ |
36,750.00 |
|
|
Xxxxxx |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
33,750.00 |
|
$ |
405,000.00 |
|
$ |
33,750.00 |
|
|
Creve Coeur |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
26,252.67 |
|
$ |
315,032.04 |
|
$ |
26,252.67 |
|
|
Fort Xxxxx |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
32,208.33 |
|
$ |
386,499.96 |
|
$ |
32,208.33 |
|
|
Toledo |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
32,083.33 |
|
$ |
384,999.96 |
|
$ |
32,083.33 |
|
|
South Bend |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
34,441.85 |
|
$ |
413,302.20 |
|
$ |
34,441.85 |
|
|
Indianapolis |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
37,901.92 |
|
$ |
454,823.04 |
|
$ |
37,901.92 |
|
|
|
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
450,572.86 |
|
$ |
5,406,874.32 |
|
$ |
450,572.86 |
|
|
Savings from 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,070,137.08 |
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
All Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
$ |
659,761.06 |
|
$ |
659,761.06 |
|
$ |
665,513.15 |
|
$ |
665,513.15 |
|
$ |
665,513.15 |
|
$ |
665,513.15 |
|
$ |
665,513.15 |
|
$ |
665,513.15 |
|
$ |
672,825.65 |
|
$ |
672,825.65 |
|
$ |
672,825.65 |
|
$ |
672,825.65 |
|
$ |
8,003,903.62 |
|
$ |
666,991.97 |
|
|
Savings from 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,665,441.02 |
|
|
|
|||||||||||||
6
