OCCUPANCY AGREEMENT
0000 Xxxxx Xxxxxxxx Xxxxxxxxx, Xxxxxxxx, XX ("Leased Premises")
AEI Real Estate Fund XVI Limited Partnership
AEI Real Estate Fund XVII Limited Partnership
THIS AGREEMENT, effective as of February 17, 2000, by
and between AEI Real Estate Fund XVI Limited Partnership and
AEI Real Estate Fund XVII Limited Partnership ("Lessor") and
Xxxx Xxxxxxx and Xxxxxx Xxxxx ("Buyers").
Whereas Buyers and Lessor have entered into a Purchase
Agreement for the Leased Premises, subject to a Lease
(attached hereto dated effective as of March 15, 1997 by
and between Texas Sports City Cafe', LTD. and Lessor, which
Lease is currently in default; and
Whereas, Buyers wish to use and occupy the Leased
Premises during their due diligence period under the
Purchase Agreement and have in fact been so occupying the
Leased Premises since February 17, 2000;
Now, therefore, the parties hereto wish to evidence
their respective understanding and expectation arising out
of Buyers use and occupancy of the Leased Premises.
1. Buyer will immediately obtain insurance on the Leased
Premises in the amounts and under the terms specified by the
Lease as if Buyers were the Lessee thereunder, and will
provide Lessor with a binder to prove it. Insurance must be
maintained while the Buyer is occupying the Leased Premises.
2. Buyer will pay $6,000 per month due and payable on the
15th of every month for each month or portion thereof Buyer
is in occupancy of the Leased Premises. The rent will be pro-
rated for February from Thursday, February 17, 2000. Rent is
due in advance on the fifteenth of each month.
3. Taxes will be paid by Buyer while occupying our site.
Taxes will be pro-rated beginning Thursday, February 17,
2000 to the date of sale or termination of Buyer's occupancy
of the Leased Premises, whichever is earlier. The pro-rated
taxes will be due and payable at closing, or upon
termination of the Buyer's occupancy of the Leased Premises.
Buyer is responsible for all utilities and maintenance of
the Leased Premises under the same terms and conditions as
set forth in the Lease from Thursday, February 17, 2000
until the date Buyer purchases the Leased Premises or
vacates the Leased Premises.
Buyer acknowledges and agrees that Buyer's rights to use
and occupancy of the Leased Premises are subject to the
Lease, and the assertion of Lessee's rights thereunder,
over which Lessor has no control. While the Lease is in
default, and Buyer is in compliance with the terms hereof,
Lessor shall make no efforts to terminate the Lease nor
terminate Buyer's right to occupancy, subject to the terms
hereof. However, termination of the Purchase Agreement
shall operate to terminate this Occupancy Agreement, and a
default under this Occupancy Agreement by Buyer shall be
grounds for termination of the Purchase Agreement.
Nothing herein shall grant Buyers any rights to the Leased
Premises except as set forth herein, or in the Lease, nor
shall Lessor be obligated to Buyers or be deemed to have
made any representations to Buyers respecting the Leased
Premises, except as set forth herein or in the Purchase
Agreement.
Executed As of March 29, 2000 Executed As of March 29, 2000
/s/ Xxxx Xxxxxxx /s/ Xxxxxx Xxxxx
Xxxx Xxxxxxx Xxxxxx Xxxxx
Executed As of April 5, 2000
AEI Real Estate Fund XVI Limited Partnership
By: AEI Fund Management XVI, Inc.
By:/s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
Executed As of April 5, 2000
AEI Real Estate Fund XVII Limited Partnership
By: AEI Fund Management XVII, Inc.
By:/s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
Occupancy Agreement, Mesquite, Tx.
