FIRST AMENDMENT TO NET LEASE AGREEMENT
THIS AMENDMENT TO NET LEASE AGREEMENT, made and entered
into effective as of the 9th day of July, 1999, by and between
AEI Income & Growth Fund XXII Limited Partnership, a Minnesota
limited partnership whose corporate general partner is AEI Fund
Management XXI, Inc., a Minnesota corporation; whose principal
business address is 1300 Minnesota World Trade Center, 30 East
Seventh Street, St. Paul, Minnesota 55101 (hereinafter
collectively referred to as "Lessor"), and RTM Alabama, Inc.
(hereinafter referred to as "Lessee"), whose principal business
address is 5995 Barfield Road, Atlanta, GA 30328;
WITNESSETH:
WHEREAS, Lessor is the fee owner of a certain parcel of real
property and improvements located at Homewood, Alabama 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 Fund XXII have entered into that
certain Net Lease Agreement dated November 20, 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 on
the date hereof, plus the period commencing November 20, 1998
("Occupancy Date") through the date hereof, with the contemplated
initial term hereof ending on July 31, 2019.
(B) The first full Lease Year shall commence on the date of
this First Amendment and continue through July 31, 2000.
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 $87,134.64, which amount shall be
payable in advance on the first day of each month
in equal monthly installments of $7,261.22 to Fund
XXII. If the first day of the first full Lease
Year 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: RTM, Alabama, Inc.,
By: /s/ Daniel T Collins
Its: Vice President
Attest
/s/ J Russell Welch By: /s/ Robert S. Stallings
Sr V.P. and Corp. Sec'y Its: V.P.-Asst. Secretary
Print Name
Attest
/s/ Susan Gibbs
Susan Gibbs
Print Name
STATE OF GEORGIA)
)SS.
COUNTY OF FULTON)
The foregoing instrument was acknowledged before me this 14
day of July 1999, by Daniel T Collins, and Robert S. Stallings as
Vice President and V.P.-Asst Secy of RTM, Alabama, Inc. on
behalf of said company.
/s/ Jacqueline M Stubbs [notary seal]
Notary Public
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LESSOR: AEI INCOME & GROWTH FUND XXII
LIMITED PARTNERSHIP
By: AEI Fund Management XXI, Inc.
Attest
/s/ Barbara J Kochevar By: /s/ Robert P Johnson
Barbara J Kochevar Robert P. Johnson, President
Print Name
Attest
/s/ Kay Johnston
Kay Johnston
Print Name
STATE OF MINNESOTA )
)SS.
COUNTY OF RAMSEY )
The foregoing instrument was acknowledged before me the 15th
day of July, 1999, by Robert P Johnson, the President of AEI Fund
Management XXI, Inc., a Minnesota corporation, corporate general
partner of AEI Income & Growth Fund XXII Limited Partnership, on
behalf of said limited partnership.
/s/ Michael B Daugherty
Notary Public
[notary seal]
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