FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS AMENDMENT TO NET LEASE AGREEMENT, made and entered into
effective as of the 19th day of May, 1998, by and between AEI
Income & Growth Fund XXI Limited Partnership (hereinafter, "Fund
XXI"), ("Lessor"),whose principal business address is 1300
Minnesota World Trade Center, 00 Xxxx Xxxxxxx Xxxxxx, Xx. Xxxx,
Xxxxxxxxx 00000 ("Lessor"), and Champps Americana, Inc., a
Minnesota corporation ("Lessee"), whose principal business
address is One Corporate Place, 00 Xxxxxxxxx Xxxx, Xxxxxxx, Xx.
00000;
WITNESSETH:
WHEREAS, Lessor is the fee owner of a certain parcel of real
property and improvements located at Livonia, 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 have entered into that certain
Net Lease Agreement dated July 8, 1997 (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
July 8, 1997 ("Occupancy Date"), plus the period ending May 14,
1998, with the contemplated initial term hereof ending on May 31,
2018.
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through May 31, 1999.
2. Article 4(A) of the Lease shall henceforth read as follows:
ARTICLE 4. RENT PAYMENTS
(A) Annual Rent Payable for the first, second, and third
Lease Years: Lessee shall pay to Lessor an annual Base Rent of
$429,135, which amount shall be payable in advance on the first
day of each month in equal monthly installments of $35,761.25 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. 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: CHAMPPS AMERICANA, INC.
By:/s/ Xxxxx Xxxxxxx
Its: Asst. Secretary
STATE OF Massachusetts)
)SS.
COUNTY OF Essex )
The foregoing instrument was acknowledged before me this
13th day of May, 1998, by Xxxxx Xxxxxxx, as Asst. Secretary of
Champps Americana, Inc. on behalf of said corporation.
/s/ Xxxx X Xxxxxxxxxx
Notary Public
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LESSOR: AEI INCOME & GROWTH FUND XXI LIMITED
PARTNERSHIP, a Minnesota limited partnership
By: AEI FUND MANAGEMENT XXI, INC.,
a Minnesota corporation
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
STATE OF MINNESOTA )
)SS.
COUNTY OF XXXXXX )
The foregoing instrument was acknowledged before me the 19th
day of May, 1998, by Xxxxxx X. Xxxxxxx, the President of AEI Fund
Management XXI, Inc., a Minnesota corporation, corporate general
partner of AEI Income & Growth Fund XXI Limited Partnership, on
behalf of said limited partnership.
/s/ Xxxxxxx X Xxxxxxxxx
Notary Public
[notary seal]
Exhibit A
City of Livonia, County of Xxxxx, State of Michigan, Unit 3,
Pentagon Centre Condominium, according to the Master Deed of
record, Xxxxx County Records, as amended.
