FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS AMENDMENT TO NET LEASE AGREEMENT, made and entered
into effective as of the 3rd day of Sept, 1999, by and between
Net Lease Income & Growth Fund 84-A Limited Partnership ("Fund 84-
A" or "Lessor") and AEI Real Estate Fund 85-A Limited Partnership
("85-A" or "Lessor")(hereinafter collectively referred to as
"Lessor"), and RTM Mid-America, Inc. (hereinafter referred to as
"Lessee");
WITNESSETH:
WHEREAS, Lessor is the fee owner of a certain parcel of real
property and improvements located at Hudsonville, Michigan 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 Fund XXII have entered into that
certain Net Lease Agreement dated December 17, 1998 (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
the date hereof, plus the period commencing December 17, 1998
("Occupancy Date") through the date hereof, with the contemplated
initial term hereof ending on August 31, 2019.
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through August 31, 2000.
2. Article 4(A) and (B) of the Lease shall henceforth read as
follows:
ARTICLE 4. RENT PAYMENTS
Annual Rent Payable for the first Lease Year:
Lessee shall pay to Lessor an annual Base Rent of
$70,760.69, which amount shall be payable in
advance on the first day of each month in equal
monthly installments of $2,358.68 to Fund 84-A and
$3,538.02 to Fund 85-A. If the first day of the
first full Lease Year 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.
Annual Rent Payable for the second Lease Year:
Lessee shall pay to Lessor an annual Base Rent of
$97,976.34, which amount shall be payable in
advance on the first day of each month in equal
monthly installments of $3,265.88 to Fund 84-A and
$4,898.82 to Fund 85-A.
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: RTM Mid-America, Inc.,
By:/s/ Xxxxxx X Xxxxxxx
Xxxxxx X Xxxxxxx
Its: Vice President
Attest: By:/s/ X X Xxxxxxx
Xxxxxx X Xxxxxxx
Senior Vice President
STATE OF GEORGIA)
)SS.
COUNTY OF XXXXXX)
The foregoing instrument was acknowledged before me this 1st
day of September 1999, by Xxxxxx X Xxxxxxx & Xxxxxx X
Xxxxxxx, as VP & Senior VP of RTM Mid-America, Inc. on behalf of
said company.
/s/ Xxxxx X Xxxxx
Notary Public
[notary seal]
[Remainder of page intentionally left blank]
LESSOR: NETLEASE INCOME & GROWTH FUND 84-A
LIMITED PARTNERSHIP
By: Net Lease Management 84-A, Inc.
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
STATE OF MINNESOTA )
)SS.
COUNTY OF XXXXXX )
The foregoing instrument was acknowledged before me the 1st
day of September, 1999, by Xxxxxx X Xxxxxxx, the President of Net
Lease Management 84-A, Inc., a Minnesota corporation, corporate
general partner of Net Lease Income & Growth Fund 84-A Limited
Partnership, on behalf of said limited partnership.
/s/ Xxxxxxx X Xxxxxxxxx
Notary Public
[notary seal]
LESSOR: AEI REAL ESTATE FUND 85-A
LIMITED PARTNERSHIP
By: Net Lease Management 85-A, Inc.
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
STATE OF MINNESOTA )
)SS.
COUNTY OF XXXXXX )
The foregoing instrument was acknowledged before me the 1st
day of September, 1999, by Xxxxxx X Xxxxxxx, the President of Net
Lease Management 85-A, Inc., a Minnesota corporation, corporate
general partner of AEI Real Estate Fund 85-A Limited Partnership,
on behalf of said limited partnership.
/s/ Xxxxxxx X Xxxxxxxxx
Notary Public
[notary seal]
EXHIBIT "A"
Hudsonville, Michigan
Part of the Northeast fractional 1/4 of Xxxxxxx 0, Xxxx 0 Xxxxx,
Xxxxx 00 Xxxx, Xxxx of Hudsonville, Michigan, described as:
COMMENCING at the Northeast corner of said Section, thence South
02 degrees 21 minutes 30 seconds West 995.20 feet along the East
line of said Section; thence North 89 degrees 26 minutes 38
seconds West 33.02 feet; thence South 02 degrees 21 minutes 30
seconds West 28.51 feet; thence North 87 degrees 28 minutes 30
seconds West 17.00 feet to the PLACE OF BEGINNING; thence South
02 degrees 21 minutes 30 seconds West 147.02 feet along the West
right-of-way line of 32 nd Avenue; thence North 89 degrees 26
minutes 38 seconds West 250.00 feet; thence North 02 degrees 21
minutes 30 seconds East 175.00 feet; thence South 89 degrees 26
minutes 28 seconds East 250.00 feet; thence South 02 degrees 21
minutes 30 seconds West 27.98 feet to the PLACE OF BEGINNING.
SUBJECT TO AND TOGETHER WITH an easement for ingress and egress
over part of the Northeast fractional 1/4, Xxxxxxx 0, Xxxx 0
Xxxxx, Xxxxx 00 Xxxx, Xxxx of Hudsonville, Ottawa County,
Michigan, described as:
COMMENCING at the Northeast corner of said Section, thence South
02 degrees 21 minutes 30 seconds West 1170.20 feet along the East
line of said Section; thence North 89 degrees 26 minutes 38
seconds West 93.88 feet to the POINT OF BEGINNING; thence South
00 degrees, 33 minutes 22 seconds West 10.52 feet; thence South
88 degrees 27 minutes 06 seconds East 33 43.52 feet; thence South
02 degrees 21 minutes 30 seconds West 26.00 feet along the West
Right-of-Way line of 32nd Avenue; thence North 88 degrees 27
minutes 06 seconds West 42.86 feet; thence South 02 degrees 21
minutes 20 seconds West 136.00 feet; thence North 87 degrees 38
minutes 05 seconds West 76.54 feet; thence South 47 degrees 38
minutes 40 seconds West 14.21 feet; thence South 02 degrees 55
minutes 25 seconds West 20.20 feet; thence North 89 degrees 26
minutes 38 seconds West 16.01 feet along the North Right-of-Way
line of Highland Drive; thence North 02 degrees 55 minutes 25
seconds East 30.70 feet; thence North 87 degrees 38 minutes 05
seconds West 9.00 feet; thence South 47 degrees 38 minutes 40
seconds West 7.11 feet; thence South 02 degrees 55 minutes 25
seconds West 26.15 feet; thence North 89 degrees 26 minutes 38
seconds West 16.01 feet along said North Right-of-Way line;
thence North 02 degrees 55 minutes 25 seconds East 55.65 feet;
thence South 87 degrees 38 minutes 05 seconds East 106.31 feet;
thence North 02 degrees 21 minutes 20 seconds East 116.81 feet;
thence North 00 degrees 33 minutes 22 seconds East 30.90 feet;
thence South 89 degrees 26 minutes 38 seconds East 26.00 feet to
the POINT OF BEGINNING.
SUBJECT TO AND TOGETHER WITH an easement over part of the
Northeast fractional 1/4 of Xxxxxxx 0, Xxxx 0 Xxxxx, Xxxxx 00
Xxxx, Xxxx of Hudsonville, Ottawa County, Michigan, described as:
COMMENCING at the Northeast corner of said Section; thence South
02 degrees 21 minutes 30 seconds West 929.17 feet along the East
line of said Section; thence North 89 degrees 26 minutes 38
seconds West 115.00 feet; thence South 02 degrees 21 minutes 30
seconds East 66.03 feet; thence South 89 degrees 26 minutes 38
seconds East 115.00 feet; thence North 02 degrees 21 minutes 30
seconds East 66.03 feet to the POINT OF BEGINNING.
