FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS AMENDMENT TO NET LEASE AGREEMENT, made and entered into
effective as of the 28 day of April, 2003 by and between AEI
Income & Growth Fund XXI Limited Partnership ("Fund XXI"), whose
corporate general partner is AEI Fund Management XXI, Inc., whose
address is 1300 Xxxxx Fargo Place, 00 Xxxx Xxxxxxx Xxxxxx, Xx.
Xxxx, Xxxxxxxxx 00000 ("Lessor")(fax #000 000 0000), and SFG
Farmington-I Limited Partnership, a Texas limited partnership,
whose address is 0000 Xxxxxx Xxxxxx XX, Xxxxx 000, Xxxxxxxxxxx,
XX 00000 ("Lessee") (fax # 000 000 0000);
WITNESSETH:
WHEREAS, Lessor is the fee owner of a certain parcel of real
property and improvements located at Farmington, New Mexico, and
legally described in Exhibit "A", which is attached hereto and
incorporated herein by reference and shall substitute for the
Exhibit A heretofore attached to the Lease (as defined below);
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 October 31, 2002 (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 October 31, 2002 ("Occupancy Date") through the
effective date hereof, plus twenty (20) consecutive "Lease
Years", as hereinafter defined, commencing on the effective date
hereof, with the contemplated initial term hereof ending on May
31, 2023. .
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through May 31, 2004. 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 Lease Year: Lessee shall
pay to Lessor an annual Base Rent of $231,000, which amount
shall be payable in advance on the first day of each month
in equal monthly installments of $19,250 to Fund XXI. 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. 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. Exhibit B to the Lease shall be as attached hereto.
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: SFG FARMINGTON-I LIMITED PARTNERSHIP
By: SFG FNM GP-1, Inc.
By: /s/ Xxxx X. Day
Xxxx X. Day [Print Name]
Its: President
LESSOR:
AEI INCOME & GROWTH FUND XXI LIMITED PARTNERSHIP
By: AEI FUND MANAGEMENT XXI, INC., a Minnesota corporation
Its corporate general partner
By: /s/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx, President
