FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS FIRST AMENDMENT TO NET LEASE AGREEMENT, ("First Amendment")
made and entered into effective as of the 30th day of June, 2004,
by and between AEI Accredited Investor Fund 2002 Limited
Partnership ("Fund 2002"), whose corporate general partner is AEI
Fund Management XVIII, Inc. and AEI Income & Growth Fund 25 LLC,
("Fund 25") whose corporate managing member is AEI Fund
Management XXI, Inc., (collectively, Fund 2002 and Fund 25 are
referred to hereinafter as "Lessor") whose address is 1300 Xxxxx
Fargo Place, 00 Xxxx Xxxxxxx Xxxxxx, Xx. Xxxx, Xxxxxxxxx 00000,
and SWH Corporation, 00000 X 00xx Xxxxxx, Xxxxx 000, Xxxxxx, XX
00000 ("Lessee").
WITNESSETH:
WHEREAS, Lessor is the fee owner of a certain parcel of real
property and improvements located at 0000 Xxxxxxxxx Xxxxxxx Xxxx
Xxxx, Xxxxxx Xxxx, Xxxxxxxx, 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 February 20, 2004 (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 Article 2(B) of the Lease are hereby
deleted in their entirety and replaced with the following:
ARTICLE 2. TERM
(A) The term of this Lease ("Term") shall be the period
commencing February 20, 2004 ("Occupancy Date") through June 30,
2004, plus Twenty (20) consecutive "Lease Years", as hereinafter
defined, commencing on July 1, 2004, with the contemplated
initial term hereof ending on June 30, 2024.
(B) The first full Lease Year shall commence on July 1, 2004
and continue through June 30, 2005. 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 is hereby deleted in its entirety
and replaced with the following:
ARTICLE 4. RENT PAYMENTS
(A) Annual Rent Payable for the first Lease Year: Lessee shall
pay to Lessor an annual Base Rent of $203,500.00, which amount
shall be payable in advance on the first day of each month in
equal monthly installments of $8,479.16 to Fund 2002 and
$8,479.16 to Fund 25. 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. Article 34 of the Lease 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 as of the date hereof 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 First Amendment 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. Except as
specifically amended by this First Amendment, the Lease shall
remain in full force and effect.
IN WITNESS WHEREOF, Lessor and Lessee have respectively signed
and sealed this First Amendment as of the day and year first
above written.
LESSEE: SWH CORPORATION
By: /s/ Xxxxxx X Xxxxxxxxxx
Xxxxxx X.Xxxxxxxxxx, Treasurer
LESSOR:
AEI ACCREDITED INVESTOR FUND 2002 LIMITED PARTNERSHIP
By: AEI Fund Management XVIII, Inc.
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
AEI INCOME & GROWTH FUND 25 LLC
By: AEI Fund Management XXI, Inc.
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
EXHIBIT "A"
Xxx 0, Xxxxx 0, XXXX XXXX 0XX XXXX, a subdivision of land in
Kansas City, Platte County, Missouri, according to the recorded
plat thereof.
