FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS AMENDMENT TO NET LEASE AGREEMENT, made and entered
into effective as of the 3rd day of September, 1998, by and
between AEI Real Estate Fund XVII Limited Partnership ( "Fund
XVII"), a Minnesota limited partnership, whose corporate general
partner is AEI Fund Management XVII, Inc., whose principal
business address is 1300 Minnesota World Trade Center, 00 Xxxx
Xxxxxxx Xxxxxx, Xx. Xxxx, Xxxxxxxxx 00000 ("Lessor"), and Timber
Lodge Steakhouse, Inc., a Minnesota corporation ("Lessee"), whose
principal business address is 0000 Xxxxxx Xxxxxx Xxxxx,
Xxxxxxxxxxx, Xxxxxxxxx;
WITNESSETH:
WHEREAS, Lessor is the fee owner of a certain parcel of real
property and improvements located at Rochester, Minnesota, 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 January 15, 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
September 3, 1998, plus the period commencing January 15, 1998
("Occupancy Date") through September 2, 1998, with the
contemplated initial term hereof ending on October 31, 2018.
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through October 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 and second Lease
Years: Lessee shall pay to Lessor an annual Base Rent of
$198,363.52, which amount shall be payable in advance on the
first day of each month in equal monthly installments of
$16,530.29 to Fund XVII. 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.
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IN WITNESS WHEREOF, Lessor and Lessee have respectively signed
and sealed this Lease as of the day and year first above written.
LESSEE: TIMBER LODGE STEAKHOUSE, INC.
By:/s/ Xxxxx Xxxxxx
Its: President
STATE OF MINNESOTA )
)SS.
COUNTY OF Hennepin)
The foregoing instrument was acknowledged before me this
25th day of August, 1998, by Xxxxx Xxxxxx, as President of Timber
Lodge Steakhouse, Inc. on behalf of said corporation.
[notary seal] /s/ Xxxxxx X Xxxxxxxx
Notary Public
[Remainder of page intentionally left blank]
LESSOR: AEI REAL ESTATE FUND XVII LIMITED
PARTNERSHIP, a Minnesota limited
partnership
By: AEI FUND MANAGEMENT XVII, 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 3rd
day of September, 1998, by Xxxxxx X. Xxxxxxx, the President of
AEI Fund Management XVII, Inc., a Minnesota corporation,
corporate general partner of AEI Real Estate Fund XVII Limited
Partnership, on behalf of said limited partnership.
[notary seal] /s/ Xxxxxxx X Xxxxxxxx
Notary Public
[Remainder of page intentionally left blank]
EXHIBIT "A"
XXX 0, XXXXX 0, XXXXXXXXXX FIRST SUBDIVISION, ACCORDING TO THE
PLAT THEREOF ON FILE AT THE COUNTY RECORDER'S OFFICE, XXXXXXXX
COUNTY, MINNESOTA
