FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS AMENDMENT TO NET LEASE AGREEMENT, made and entered into
effective as of the 19th day of December, 2000, by and between
AEI Income & Growth Fund 23 LLC ("Fund 23"), whose corporate
general partner is AEI Fund Management XXI, Inc., whose address
is 1300 Minnesota World Trade Center, 30 East Seventh Street, St.
Paul, Minnesota 55101 ("Lessor"), and Razzoo's, Inc., a Texas
corporation, whose address is 15950 Dallas Parkway
Suite 785, North Dallas, Texas 75248 ("Lessee");
WITNESSETH:
WHEREAS, Lessor is the fee owner of a certain parcel of real
property and improvements located at San Antonio, Texas, 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 April 19, 2000 (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 April 19, 2000 ("Occupancy Date") through the
effective date hereof, plus Fifteen (15) consecutive "Lease
Years", as hereinafter defined, commencing on the effective date
hereof, with the contemplated initial term hereof ending on
December 31, 2015.
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through December 31, 2001. 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 and second Lease Year:
Lessee shall pay to Lessor an annual Base Rent of $338,836.88
which amount shall be payable in advance on the first day of
each month in equal monthly installments of $28,236.41 to Fund
23. 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. 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.
7. The Lease shall henceforth contain the Exhibit B attached
hereto and now hereby incorporated into the Lease; Lessor is the
owner of the equipment listed on Exhibit B and Lessee is leasing
such equipment from Lessor as set forth in the Lease.
8. Article 34 of the Lease, "Development Financing Agreement"
is hereby deleted.
9. All other terms and conditions of the Lease shall remain in
full force and effect.
IN WITNESS WHEREOF, Lessor and Lessee have respectively signed
and sealed this Lease as of the day and year first above written.
LESSEE: RAZZOO'S, INC.,
By: /s/ D Fricke
Its: Dir of Finance & Accting
[Remainder of page intentionally left blank]
LESSOR: AEI INCOME & GROWTH FUND 23 LLC
By: AEI FUND MANAGEMENT XXI, INC., a
Minnesota corporation
By: /s/ Robert P Johnson
Robert P. Johnson, President
EXHIBIT "A"
1 of 2
METES & BOUNDS DESCRIPTION
A 2.040 acre (88,898 square feet) tract of land being a portion
of Lot 1, Block 1, NCB 17115, Brookhollow Subdivision, Unit 1,
and addition to the City of San Antonio, Bexar County, Texas
according to the map or plat thereof, recorded in Volume 9100,
Page 178, Deed and Plat Records of Bexar County, Texas and being
more particularly described as follows:
Commencing: at a found 1/2 inch iron pin in the east
right-of-way line of U.S. Hwy 281 (San Pedro
Avenue) at the north most corner of the above
referenced Lot 1;
Thence: S 17 05' 30" W for a distance of 320.37 feet
along the west right-of-way line of U.S. Hwy 281
and the west line of the above referenced Lot 1 to
a set 1/2 inch iron pin with Vickrey & Associates
property corner cap and the POINT OF BEGINNING of
this tract;
Thence: S 71 10' 50" E passing a set 1/2 inch iron
pin with Vickrey & Associates property corner cap
at 282.08 feet a total distance of 328.87 feet to
a set 1/2 inch iron pin with a Vickrey &
Associates property corner cap;
Thence: S 18 49' 10" W for a distance of 220.38 feet
to a set 1/2 inch iron pin with a Vickrey &
Associates property corner cap;
Thence: S 35 39' 39" W for a distance of 84.40 feet
to a set 1/2 inch iron pin with Vickrey &
Associates property corner cap, said point being
in the northeast right-of-way line of Central
Parkway North and the southwest line of the above
referenced Lot 1;
Thence: along the northeast right-of-way line of
Central Parkway North and the southwest line of
the above referenced Lot 1, the following courses;
N 54 20' 21" W for a distance of 6.43 feet to a
found 1/2 inch iron pin;
239.83 feet along a curve to the left, said curve
having a radius of 740.00 feet, a delta angle of
18 34' 09" and a chord bearing and distance
of N 63 37' 25" W, 238.78 feet to a set 1/2 inch
iron pin with a Vickrey & Associates Property
corner cap;
N 72 54' 30" W for a distance of 10.46 feet to a
found 1/2 inch iron pin and a point of curvature;
55.40 feet along a curve to the right, said curve
having a radius of 45.00 feet, a delta angle of
70 32' 15" and a chord bearing and distance of
N 37 38' 22" W, 51.97 feet to a found 80 D nail
and a point of compound curvature;
3.40 feet along a curve to the right, said curve
having a radius of 10.00 feet, a delta angle of
19 28' 36" and a chord bearing a distance of N
09 28' 42" E, 3.38 feet to a set 1/2 inch iron pin
with a Vickrey & Associates property corner cap,
said point being in the east right-of-way line of
U.S. Hwy 281;
Thence: N 17 05' 30" E, for a distance of 236.29 feet along
the east right-of-way line of U.S. Hwy 281 and the
west line of the above referenced Lot 1 to the
POINT OF BEGINNING and containing 2.040 acres
(88,898 square feet) of land.
Exhibit B
Walk-In Cooler/Freezer/Beer Cooler (Coldzone, Model #MPL-2C2, Job
#11876-1)
