FIRST AMENDMENT TO LEASE
This FIRST AMENDMENT TO LEASE (the "Amendment") dated
December 19, 2001 between AEI REAL ESTATE FUND 85-A LIMITED
PARTNERSHIP, a Minnesota limited partnership, whose
corporate general partner is Net Lease Management, 85-A,
Inc., a Minnesota corporation, whose address is 1300
Minnesota World Trade Center, 00 Xxxx Xxxxxxx Xxxxxx, Xx.
Xxxx, Xxxxxxxxx, 00000 ("Landlord") and HOPS GRILL & BAR,
INC., a Florida corporation and successor in interest to
Hops of Palm Harbor, Inc., having and address of 0000 Xxxxx
Xxxxx Xxxxx Xxxxx Xxxxx 000, Xxxxx, XX 00000 ("Tenant").
BACKGROUND
Landlord and Tenant entered into a Lease Agreement (the
"Lease") dated January 2, 1992 (the "Lease Execution Date")
with respect to the Premises leased to Tenant as more fully
described in the Lease and located at 00000 XX Xxxxxxx 00
Xxxxx, Xxxx Xxxxxx, XX. Landlord and Tenant desire to amend
the Lease to extend the Term of the Lease and prescribe the
correlating Rental Payments. Terms not defined herein shall
have the meanings ascribed to them in the Lease.
AGREEMENT
NOW THEREFORE, in consideration of the mutual covenants
set forth herein, Landlord and Tenant agree to amend the
Lease as follows:
1. TERM. Article 2 of the Lease is hereby amended
to extend the Term of the Lease an additional twelve (12)
years (the "Extended Term"). The Extended Term shall
commence May 1, 2002 and expire April 30, 2014.
2. OPTION TO RENEW. Article 28 of the Lease is
hereby amended to provide Tenant with an option to renew the
Lease upon the same conditions and covenants contained
therein for three (3) consecutive periods of five (5) years
each. Base Rent during each Renewal Term shall be equal to
the Rental payable for the last year for the original or
expiring Renewal Term increased and adjusted annually by
three percent (3%).
3. BASE RENT. Article 4 of the Lease is
amended in accordance with the schedule attached hereto and
made a part of this Amendment, and labeled EXHIBIT "A".
4. ENTIRE AGREEMENT. This Amendment contains all of
the terms and agreements between the parties relating to the
subject matter of this assignment of and assumption of the
Lease.
5. FACSIMILE SIGNATURES. A facsimile copy of this
Assignment and Assumption and any signatures thereon shall
be considered for all purposes as an original.
IN WITNESS WHEREOF, Landlord and Tenant have caused
this Amendment of Lease to be executed as of the day and
year first written.
AEI REAL ESTATE FUND 85-A
LIMITED PARTNERSHIP, by
and through its general
partner NET LEASE
MANAGEMENT 85-A, INC.
Signed, sealed and delivered in
presence of:
/s/ Xxxxx Xxxxxx By: /s/ Xxxx X Xxxxxx
Print: Xxxxx Xxxxxx Print: Xxxx X Xxxxxx
Its: CFO
Signed, sealed and delivered in HOPS GRILL & BAR, INC.
presence of:
/s/ Xxxx X Xxxxxxxx By: /s/ Xxxx X Xxxxxxx
Print: Xxxx X Xxxxxxxx Print: VP CFO
Its: Xxxx X Xxxxxxx
EXHIBIT "A"
ANNUAL
YEAR DATE RENT INCREASE
1 5/02 96,437.79 3%
2 5/03 99,330.92 3%
3 5/04 102,310.85 3%
4 5/05 105,380.17 3%
5 5/06 108,541.58 3%
6 5/07 111,797.83 3%
7 5/08 115,151.76 3%
8 5/09 118,606.31 3%
9 5/10 122,164.50 3%
10 5/11 125,829.44 3%
11 5/12 129,604.32 3%
12 5/13 133,492.45 3%
