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 Xxxxxx
Xxxx Xxxxxx, Chief Financial Officer
AEI Real Estate Fund XVIII Limited Partnership
By: AEI Fund Management XVIII, Inc.
By:/s/ Xxxx Xxxxxx
Xxxx Xxxxxx, Chief Financial Officer
AEI Net Lease Income & Growth Fund XIX Limited
Partnership
By: AEI Fund Management XIX, Inc.
By: /s/ Xxxx Xxxxxx
Xxxx Xxxxxx, Chief Financial Officer
AEI Private Net Lease Millennium Fund Limited
Partnership
By: AEI Fund Management XVIII, Inc.
By:/s/ Xxxx 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
the 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 04 09' 13" East, a distance of 90.00 feet to a point;
thence 152.49+ 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 along a curve to the right said curve
having a chord of North 55 39' 04" East 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
ling of Xxxxxxx Xxxx (R/W varies); thence along said miter South
67 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 51.87 feet to a point:
thence 268.87 feet along a curve to the right, said curve having
a chord of South 15 08' 23" West 263.88 feet and a radius of
409.50 feet to a point; thence Sosuth 34 32'09" West, a distance
of 175.47 feet to a concrete nail set; thence leaving said R/W
line 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 of 112962 square feet.
TOGETHE 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, Serial
Number Job 28812
