Document:

ASSIGNMENT AND ASSUMPTION
                              OF
                  PURCHASE AND SALE AGREEMENT

      THIS  ASSIGNMENT made and entered into effective  as  of
this  12th  day  of  January, 2007, by and  between  AEI  FUND
MANAGEMENT,  INC., a Minnesota corporation,  ("Assignor")  and
AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP, a Minnesota
limited  partnership, whose corporate general partner  is  AEI
Fund  Management XXI, Inc., a Minnesota corporation,  and  AEI
INCOME  &  GROWTH  FUND 24 LLC, a Delaware  limited  liability
company,   whose  corporate  managing  member  is   AEI   Fund
Management  XXI, Inc., a Minnesota corporation (as tenants  in
common, together collectively referred to as "Assignee");

     WITNESSETH, that:

      WHEREAS,  on  the  4th day of December,  2006,  Assignor
entered  into  an Purchase and Sale Agreement, as subsequently
amended (hereinafter together collectively referred to as  the
"Agreement")  for that certain property located at  4460  32nd
Avenue  South,  Grand  Forks,  North  Dakota,  which  is  more
particularly described within the Agreement, (the  "Property")
with  CDK  Associates  LLC, a South Dakota  limited  liability
company, as Seller; and

      WHEREAS, Assignor desires to assign its right, title and
interest in and to the Agreement regarding the Property to AEI
Income  &  Growth Fund XXII Limited Partnership, an  undivided
fifty percent (50.0%) interest as a tenant in common, and  AEI
Income  &  Growth  Fund  24  LLC, an undivided  fifty  percent
(50.0%) as a tenant in common, and Assignee desires to  assume
all  of Assignor's rights, title and interest in, to and under
the Agreement regarding the Property as hereinafter provided;

     NOW, THEREFORE, for One Dollar ($1.00) and other good and
valuable   consideration,   receipt   of   which   is   hereby
acknowledged,  it  is  hereby agreed between  the  parties  as
follows:

     1.   Assignor assigns all of its rights, title and interest
          in, to and under the Agreement regarding the Property to
          Assignee, to have and to hold the same unto the Assignee, its
          successors and assigns;

     2.   Assignee hereby assumes all rights, promises, covenants,
          conditions and obligations under the Agreement regarding the
          Property to be performed by the Assignor thereunder, and
          agrees to be bound for all of the obligations of Assignor
          under the Agreement;

All  other terms and conditions of the Agreement shall  remain
unchanged and continue in full force and effect.

ASSIGNOR:

AEI FUND MANAGEMENT, INC.,
a Minnesota corporation

By:   /s/ Robert P Johnson
Name:     Robert P Johnson
Title:    President

ASSIGNEE:

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP,
a Minnesota limited partnership

By:  AEI Fund Management XXI, Inc.,
     a Minnesota corporation, its General Partner

By: /s/ Robert P Johnson
Name:   Robert P Johnson
Title:  President

AEI INCOME & GROWTH FUND 24 LLC,
a Delaware limited liability company

By:  AEI Fund Management XXI, Inc.,
     a Minnesota corporation, its Managing Member

By: /s/ Robert P Johnson
Name:   Robert P Johnson
Title:  President

                      PURCHASE AGREEMENT

     This PURCHASE AGREEMENT ("Agreement") is made and entered
into as of the Effective Date, as hereinafter defined, by  and
between  CDK Associates LLC, a South Dakota limited  liability
company  (the  "Seller"),  and AEI  Fund  Management  Inc.,  a
Minnesota  corporation,  or its successors  and  assigns  (the
"Buyer").   This Agreement shall be effective as of  the  last
party's execution hereof (the "Effective Date").

                           RECITALS:

          A.   Seller desires to sell the Property, as further
          described below, to Buyer and Buyer desires to
          purchase the Property, as described below, in
          accordance with the terms and conditions as
          hereinafter set forth.

          B.    Seller  leases the Property to Tractor  Supply
          Company   pursuant  to  that  certain  lease   dated
          December 29, 2004, by and between Seller, as lessor,
          and   Tractor   Supply  Company,  as   lessee   (the
          "Tenant").

          C.   In accordance with the terms and conditions set
          forth  in this Agreement, Seller wishes to  sell  to
          Buyer, and Buyer wishes to purchase from Seller, all
          of  Seller's right, title and interest  in,  to  and
          under  the  Property,  the  building,  fixtures  and
          improvements thereon and any personal or  intangible
          property related thereto.

NOW, THEREFORE, the parties do hereby agree as follows:

     1.   DESCRIPTION:

          Seller is the owner of all right, title and interest
          in  and all the property located at 4460 32nd Avenue
          South,  City of Grand Forks, County of Grand  Forks,
          State   of   North  Dakota;  and  more  particularly
          described as follows:

               Lot  1,  Block 1, Johnson's West  First
               Addition,
               City  of Grand Forks,      Grand  Forks
               County, North Dakota

          The  conveyance shall include all easements, rights,
          and   appurtenances   thereto,   all   improvements,
          fixtures, personal property and intangible  property
          relating to or now or hereafter located thereon  and
          all of Seller's right, title and interest in and  to
          any   streets,  roadways,  alleys,  sidewalks,  both
          public  and  private, adjacent  to  the  above  real
          estate (hereinafter collectively referred to as  the
          "Property").

     2.   PURCHASE PRICE:

           The  Purchase Price for the Property is Two Million
Seven   Hundred   Sixty-Six  Thousand   and   No/100   Dollars
($2,766,000); payable as follows:

           A.    Within five (5) days after the Effective Date
of  this  Agreement, Buyer shall deposit Twenty-Five  Thousand
Dollars ($25,000) (the "Earnest Money") in an interest bearing
account  with  First  American Title Insurance  Company,  1900
Midwest  Plaza West, 801 Nicollet Mall, Minneapolis,  MN  (the
"Closing  Agent" or "Title Company"), which shall be  held  in
trust  pending the closing of the transaction contemplated  by
this Agreement.

          If for any reason this Agreement is terminated prior
to  the  expiration  of  the Due Diligence  Period,  then  the
Earnest  Money  and  any  interest accrued  thereon  shall  be
immediately   returned   to   Buyer.    If   the   transaction
contemplated  hereby proceeds to closing,  the  Earnest  Money
shall  be paid to Seller at closing and Buyer shall receive  a
credit  against  the Purchase Price payable hereunder  in  the
amount of the Earnest Money plus interest accrued thereon.  If
the  Buyer  does  not  terminate this Agreement  as  expressly
allowed  hereunder,  the  Earnest Money  shall  thereafter  be
deemed  non-refundable,  except  to  the  extent  any  of  the
contingencies  to  Buyer's  performance  hereunder  (including
without  limitation, Seller's performance of  its  obligations
hereunder) shall not be satisfied.

          B.   The balance of the Purchase Price in cash is to
be  deposited by Buyer into an escrow account with the Closing
Agent on or before the Closing Date (as defined below).

      3.    DUE  DILIGENCE,  CLOSING, DISPOSITION  OF  EARNEST
MONEY:

          A.    Subject  to  the terms provided  below,  Buyer
shall have until no later than forty-five (45) days after  the
Document  Delivery Date (as defined below) (but not less  than
thirty   (30)  days  after  Buyer's  actual  receipt  of   any
information or documents that Buyer shall undertake to  update
as  further set forth in to this Agreement) to conduct its due
diligence of the Property (the "Due Diligence Period").

          B.      The  parties  hereto  may  extend  the   Due
Diligence Period by written agreement.

          C.    If Buyer does not send Seller notification  of
Buyer's satisfaction of its due diligence contingency by 11:59
p.m. CST of the last date of the Due Diligence Period, as such
may  be extended under the terms of this Agreement, then  this
Agreement  shall expire and have no further force and  effect;
and all Earnest Money, including any interest accrued thereon,
shall be returned to Buyer.

          In  the event Buyer does give notice of satisfaction
of its due diligence contingency, then the closing date of the
Property  shall occur no later than ten (10) days after  Buyer
has provided Seller with notice of satisfaction of Buyer's due
diligence  contingency  (the  "Closing  Date"),  provided   no
materially  adverse  change  to  the  Property  Documents  has
occurred.   If  a  materially adverse change to  the  Property
Documents  has  occurred,  Buyer shall  be  allowed  five  (5)
business  days  to  review  and approve  such  changes  or  to
terminate  this Agreement, and upon such termination,  receive
immediate  return of the Earnest Money together with  interest
thereon.

          Furthermore, in the event closing does not occur  on
or  before  January 15, 2007, Buyer shall have the  option  to
either  (a) terminate this Agreement by providing Seller  with
thirty  (30)  days written notice, at which the Earnest  Money
and  any  interest  accrued thereon shall  be  immediately  be
returned   to   Buyer  or  (b)  reduce  the   purchase   price
corresponding  to  a  reduction in the cap  rate  of  5  basis
points.

     4.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER:

           Seller  does hereby covenant, warrant and represent
to Buyer as follows:

          A.    Seller  has and will convey good,  marketable,
insurable title to the Property of record, free and  clear  of
all  liens,  encumbrances, leases, claims,  and  charges;  all
easements,    rights-of-way,   covenants,    conditions    and
restrictions;  and any other matters affecting title  thereto,
except  for such matters as are approved or Buyer's objections
thereto  are  waived  by  Buyer  in  writing  (the  "Permitted
Encumbrances").

          B.    To  the best of Seller's knowledge and belief,
the  conveyance  of  the  Property pursuant  hereto  will  not
violate  any  applicable statute, conditional  use,  variance,
ordinance,  governmental restriction  or  regulation,  or  any
private restriction or agreement.

          C.   The Property is benefited by direct access to a
publicly dedicated street or road and other adjacent right  of
ways  and shall be conveyed as a separate legal and tax parcel
(the "Legal Parcel").

          D.    There is no litigation pending, or to the best
of   Seller's   knowledge,  investigation,   condemnation   or
proceeding  of  any kind threatened against the Seller,  which
may have a material adverse effect upon the Property.

          E.   Seller is not a "foreign person" (as defined in
section   1445(f)(3)  of  the  Internal   Revenue   Code   and
regulations issued thereunder).

          F.    Neither  Seller nor, to the best  of  Seller's
knowledge,  any of Seller's members, are an entity or  person:
(i) that is listed in the Annex to, or is otherwise subject to
the   provisions   of   Executive  Order   13224   issued   on
September 24, 2001 ("EO13224"); ii) whose name appears on  the
United  States Treasury Department's Office of Foreign  Assets
Control ("OFAC") most current list of "Specifically Designated
National  and  Blocked Persons" (which list may  be  published
from  time  to  time  in various mediums  including,  but  not
limited          to,         the         OFAC         website,
(http://www.treas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf)
;   (iii)   who  commits,  threatens  to  commit  or  supports
"terrorism,"  as  that term is defined  in  EO13224;  (iv)  is
subject to sanctions of the United States government or is  in
violation  of  any federal, state, municipal  or  local  laws,
statutes,  codes,  ordinances,  orders,  decrees,   rules   or
regulations   relating  to  terrorism  or  money   laundering,
including,  without limitation, EO13224 and  the  Uniting  and
Strengthening America by Providing Appropriate Tools  Required
to Intercept and Obstruct Terrorism Act of 2001; or (v) who is
otherwise  affiliated with any entity or person  listed  above
(any and all parties or persons described in subsections (i) -
(v)  above  are herein referred to as a "Prohibited  Person").
Neither  Seller nor its members shall knowingly:  (A)  conduct
any  business, nor engage in any transaction or dealing,  with
any  Prohibited  Person, including, but not  limited  to,  the
making  or  receiving of any contribution of funds, goods,  or
services,  to  or for the benefit of a Prohibited  Person;  or
(B)  engage  in or conspire to engage in any transaction  that
evades  or  avoids, or has the purpose of evading or avoiding,
or  attempts to violate, any of the prohibitions set forth  in
EO13224;

          G.    Seller is not aware of any private covenant or
restriction  that  would  prohibit  or  adversely  impact  the
development or operation of the Property.

          H.    To  the  best  of  Seller's knowledge,  Seller
represents  that  there are no underground  tanks,  basements,
foundations, wells, cisterns, or other underground  structures
or  debris  of  any  nature on the Property.   Seller  further
represents  that the Property is not located in  a  designated
flood plain, nor does the Property contain any wetlands.

          I.   Seller has the requisite power and authority to
enter  into  and  perform this Agreement  and  those  Seller's
Closing Documents to be signed by it.

          J.    The  Improvements (including, but not  limited
to,  the  utilities, mechanical systems, roof, foundation  and
walls),  to  the  best  of Seller's knowledge,  are  in  sound
condition  and in good working order as of the Effective  Date
hereof.  Seller shall further have the on-going obligation  up
through  the  Closing Date to inform Buyer in writing  of  any
defect  in  the Improvements that occur between the  Effective
Date of this Agreement and the Closing Date.  Seller's written
notice  to  Buyer of any defect in the Improvements  shall  be
considered for purposes herein to be an adverse change in  the
Property Documents.

          K.    To Seller's knowledge, Seller has disclosed to
Buyer  all  information relating to the  Property  that  could
reasonably  be expected to have a material adverse  effect  on
the Property.

     If the Seller subsequently becomes aware of the fact that
any  of the representations and warranties made herein  is  no
longer  accurate,  then the Seller shall immediately  disclose
same  in  writing to the Buyer.    Seller's written notice  to
Buyer  of any inaccuracy in the representations and warranties
made herein shall be considered to be an adverse change to the
Property    Documents.    Each   of   the    warranties    and
representations contained in this Section and  other  Sections
of  this Agreement shall be deemed made as of the date of this
Agreement and again as of the Closing Date.

     Seller shall indemnify Buyer, its successors and assigns,
against,  and  shall hold Buyer, its successors  and  assigns,
harmless from, any costs, expenses or damages of any  kind  or
nature, including reasonable attorneys' fees, which Buyer  may
incur because of any breach of any of the representations  and
warranties  herein  contained, whether incurred  prior  to  or
after  the Closing Date.  All warranties, representations  and
indemnifications  contained in this  Agreement  shall  survive
Closing.

     5.   ENVIRONMENTAL LAWS:

          A.   Seller represents and warrants, to the best  of
Seller's  knowledge, that no toxic or hazardous substances  or
wastes,   pollutants   or  contaminants  (including,   without
limitation, asbestos, urea formaldehyde, the group of  organic
compounds   known  as  polychlorinated  biphenyls,   petroleum
products  including gasoline, fuel oil, crude oil and  various
constituents  of such products, or any hazardous substance  as
defined    in   the   Comprehensive   Environmental   Response
Compensation and Liability Act of 1980 ("CERCLA"),  42  U.S.C.
9601-9657,  as  amended)  ("Hazardous  Materials")  have  been
generated,  treated,  stored,  released  or  disposed  of,  or
otherwise  placed, deposited in or located on the Property  by
Seller  or by any lessee, agent, employee, licensee or invitee
of Seller nor has any activity been undertaken on the Property
by  Seller  or  by  any lessee, agent, employee,  licensee  or
invitee  of Seller that would cause or contribute to  (a)  the
Property  to become a treatment, storage or disposal  facility
within  the meaning of, or otherwise bring the Property within
the  ambit of, the Resource Conservation and Recovery  Act  of
1976  ("RCRA"), 42 U.S.C. 6901 et seq., or any  similar  state
law or local ordinance, (b) a release or threatened release of
toxic  or  hazardous  wastes  or  substances,  pollutants   or
contaminants,  from  the Property within the  meaning  of,  or
otherwise  bring the Property within the ambit of, CERCLA,  or
any similar state law or local ordinance, or (c) the discharge
of  pollutants or effluents into any water source  or  system,
the  dredging  or filling of any waters or the discharge  into
the  air  of any emissions, that would require a permit  under
the  Federal Water Pollution Control Act, 33 U.S. C.  1251  et
seq.,  or the Clean Air Act, 42 U.S.C., 7401 et seq.,  or  any
similar  state law or local ordinance.  To the best  knowledge
of  Seller after due inquiry by Seller, neither Seller nor any
lessee,  agent, employee, licensee or invitee  of  Seller  has
introduced any substances or conditions in or on the  Property
that may support a claim or cause of action under RCRA, CERCLA
or  any  other federal, state or local environmental statutes,
regulations,  ordinances  or  other  environmental  regulatory
requirements.   To  the best knowledge  of  Seller  after  due
inquiry  by Seller, no above ground or underground tanks,  are
located  in or about the Property or have been located  under,
in or about the Property and have subsequently been removed or
filled.

       Seller  further  warrants  that  Seller  has  not  been
informed,  advised  or  notified, of any  Hazardous  Materials
including  the use of above or underground storage  tanks  on,
under or about the Property.

          B.    In  the  event  that  Hazardous  Materials  as
defined  herein  are found or suspected to be present  on  the
Property, or other circumstances as set forth in the preceding
section  exist, then Buyer may terminate this  Agreement.   If
Buyer does not elect to terminate, then Seller shall remove or
otherwise  remediate any Hazardous Materials on or  under  the
Property and/or rectify any other condition set forth  in  the
preceding  section to Buyer's satisfaction within thirty  (30)
days after receipt of notice from Buyer that the contingencies
have  been  satisfied.  The Closing shall be delayed  for  the
period  necessary for Seller to comply with the terms of  this
section.

     6.   OBLIGATIONS OF SELLER PRIOR TO CLOSING:

          Seller shall deliver to Buyer, at Seller's sole cost
and expense, the following documents:

          A.   Property Documents.   Within five (5) business
days of the Effective Date ("Document Delivery Date"), Seller
shall deliver or cause to be delivered to Buyer the following:

       a)   Copies of Seller's existing Owner's Title Policy, or
          Abstract, for the Property, with copies of its underlying
          documents, if in Seller's possession;

       b)   A complete copy of the Lease and any amendments thereto,
          including but not limited to amendments, assignments and
          assumption of lease, and/or letter agreements, commencement
          agreement, memorandum of lease, project acceptance letter
          (wherein Tenant accepts possession of the property, if Tenant
          shall have issued the same or similar), guaranties of the
          lease, if any, and the most recent tenant estoppel currently
          in Seller's possession;

       c)    If in Seller's possession, any zoning information
          concerning the current zoning of the Property;

       d)   A copy of the soils report, if in Seller's possession;

       e)    Copies  of the existing final building plans  and
          specifications for the improvements and copies of any evidence
          that Landlord has delivered and Tenant has approved such;

       f)   A copy of an MAI appraisal, if in Seller's possession;

       g)   A copy of the most recent real estate tax statement for
          the Property;

       h)   Copies of any and all certificates, permits, licenses and
          other authorizations of any governmental body or authority
          which are necessary to permit the use and occupancy of the
          Improvements;

       i)   Copies of any and all warranties respecting construction
          of the improvements, including but not limited to the roof,
          HVAC system, structural, plumbing or electrical that have not
          expired by their terms, and assignments thereof to Tenant,
          issued to or required to be provided to Tenant as designated
          in the Lease, if any.  Buyer will require any and all
          warranties, which have not expired and have not been
          transferred to Tenant, to be transferred to Buyer on the
          Closing Date.  In the event the warranties are unable to be
          transferred to Buyer on the Closing Date, Seller shall provide
          Buyer with a letter of undertaking wherein Seller agrees, at
          Seller's expense, to transfer the warranties in Buyer's name
          or to obtain consents to the transfer of warranties, if such
          transfer is not allowed;

       j)   A copy of the Certificate of Occupancy from the governing
          municipality;

       k)   A copy of the existing store sales of the Property for
          the last six months, and if currently in Seller's possession,
          the store sales numbers for the last three years, or the
          number of years the store has been open if less than three
          years;  and

       l)   A rent accounting for the last twelve (12) months showing
          when Seller received each check from Tenant or the number of
          months the lease has been in effect if less than twelve (12)
          months.

Seller shall provide Buyer with any and all updates to the
Property Documents and any other information regarding the
Property that may become available prior to the Closing Date.

          B.    Title,  Survey,  and  Environmental.    Within
fifteen (15) days after the Effective Date:

       m)    A  commitment for an ALTA Owner's Policy of Title
          Insurance (most recent edition) from the Closing Agent (the
          "Title Company") insuring marketable title in the Property,
          subject only to such matters as Buyer may approve and contain
          such endorsements as Buyer may require that are available for
          a property in North Dakota, including extended coverage and
          owner's  comprehensive coverage (the "Updated  Title
          Commitment").  The Updated Title Commitment shall show Seller
          as the present fee owner of the Property and show Buyer as the
          fee owner to be insured.

              The Updated Title Commitment shall also include:

              1.   an itemization of all outstanding and pending special
              assessments and an itemization of taxes affecting the Property
              and the tax year to which they relate;

              2.    shall state whether taxes are current and if not, show
              the amounts unpaid;

              3.    the tax parcel identification numbers and whether the
              tax parcel includes property other than the Property to be
              purchased.

              All easements, restrictions, documents and other
              items   affecting  title  shall  be  listed   in
              Schedule "B" of the Title Commitment.  Copies of
              all  documents referred to in the Updated  Title
              Commitment   (the   "Updated  Title   Commitment
              Documents")  must  be attached  to  the  Updated
              Title Commitment.

              n)   Copy of the Seller's existing as-built ALTA survey or
              existing boundary ALTA survey of the Property.   If Buyer
              shall desire to do so, at its own expense, Buyer shall within
              five (5) business days after receipt of Seller's survey, order
              an updated ALTA survey.  Buyer shall have until the end of the
              Due Diligence Period to review and approve the updated ALTA
              survey (the "Updated Survey");

              o)   Copy of any Phase I environmental report completed for
              the Seller for the Property.  Buyer shall, at its sole
              expense, be responsible for obtaining an updated Phase I
              environmental report and shall have until the end of the Due
              Diligence Period to review and approve of the same (the
              "Updated Phase I Report");

          C.    Buyer shall be allowed up to the latter of the
end  of  the  Due Diligence Period or thirty (30)  days  after
receipt  of  the  Updated Title Commitment and  Updated  Title
Commitment  Documents,  Updated Phase  I  Report  and  Updated
Survey  (and  five  (5)  business days  from  receipt  of  any
subsequent   update  or  endorsement  to  the  Updated   Title
Commitment  occurring  after the date  of  the  Updated  Title
Commitment  to be delivered by Seller adding new or additional
requirements or exceptions thereto) to make any objections, in
Buyer's  sole discretion, to the Title Commitment  or  matters
not  previously  reflected  on the  ALTA  Survey  or  Phase  I
Environmental  Report  of previous date  supplied  by  Seller.
Objections are to be made in writing or are to be deemed to be
waived.

          If  any objections are made, Seller shall be allowed
thirty  (30)  days to correct such objections.  In  the  event
Seller  is unable to cure such objections within this  period,
Buyer shall have the option to either (1) acquire the Property
subject  to such objections, lien, encumbrance or other  title
defect at Buyer's discretion, with a right to deduct from  the
Purchase Price amounts required to clear any title defects; or
(2)  rescind this Agreement, in which latter event the Earnest
Money  herein paid, together with all interest earned thereon,
shall be immediately refunded to Buyer.

          D.   Closing  Documents.   At least seven  (7)  days
prior to the end of the Due Diligence Period, Seller shall, at
its  sole  expense, provide to Buyer the following  documents,
and  Seller and Buyer shall agree, prior to the end of the Due
Diligence Period, on the form of the following documents to be
delivered to Buyer on the Closing Date by Seller as set  forth
in Section 9  hereof:

     (a)  Limited or special warranty deed;

     (b)  Seller's Affidavit;

     (c)  FIRPTA Affidavit;

     (d)  Assignment and Assumption of the Lease in  the  form
          attached hereto and incorporated herein as Exhibit "A";

     (e)  A  generic Assignment of warranties in the  form  as
          attached hereto and incorporated herein as Exhibit "B"; and

     (f)  A tenant estoppel certificate substantially in the form
          (if any) as contemplated by the Lease that shall include
          confirmation that tenant pays real estate taxes  based upon
          what is assessed during the lease year or is due and payable
          during the lease year.  If the form of Tenant estoppel
          certificate is not prescribed by the Lease and Buyer submits
          to Seller the form of estoppel certificate (as the case may
          be) preferred by Buyer or required by Buyer's Lender (if any)
          prior to the expiration of the Due Diligence Period, Seller
          will submit such form of estoppel certificate to Tenant.

     In  the  event that Seller and Buyer do not reach  mutual
agreement  on  the form of the above described  documents  (a)
through (f) prior to the end of the Due Diligence Period, this
Agreement may be terminated by either Seller or Buyer and  the
Earnest  Money and accrued interest shall be returned in  full
to  the  Buyer  immediately and neither party shall  have  any
further duties or obligations to the other hereunder.

     7.   EXAMINATION OF PROPERTY:

          It  is  expressly understood by Seller that,  during
the  term  of  this  Agreement, Buyer   intends  to  undertake
preliminary investigation for the development of the Property,
as follows:

          A.    From and after the date hereof, Buyer, and its
representatives,  shall  have the  right  to  enter  upon  the
Property  for the purpose of surveying, conducting soil  tests
thereon, and making such other physical inspection thereof  as
Buyer deems necessary or appropriate; provided, however,  that
in  the course of such activities, Buyer shall make no visible
improvements  to  or  changes in the  property  prior  to  the
Closing  Date,  and  shall repair any  damage  or  disturbance
caused  by  Buyer's  activities.   Any  inspection  of   Buyer
pursuant to this section shall not be construed so as to waive
or limit any of Buyer's rights or remedies hereunder.

          B.    Buyer  hereby  agrees to hold Seller  harmless
from liabilities that may arise out of Buyer's presence on the
Property prior to the Closing Date.

     8.   TAXES, PRORATIONS AND CLOSING COSTS:

           A.    Real  Estate Taxes and Assessments.    On  or
before  the  Closing Date, Seller shall pay  all  real  estate
taxes  and installments of special assessments payable in  all
years prior to the year of Closing.  All real estate taxes for
due and payable in the year of Closing shall be prorated as of
the Closing Date.

           Seller shall pay all special assessments if  levied
or  pending  as of the Closing Date including all installments
of  special  assessments for the year of Closing or subsequent
years.   For  purposes of this Agreement, a "pending"  special
assessment means any work or project which, as of the  Closing
Date,  has  been  directed or authorized by  any  governmental
authority,  the cost of which will be, but has  not  yet  been
certified  to and included in the real property taxes  payable
with respect to the Property.  "Special assessments" does  not
include  the general tax levy of Special Improvement Districts
which shall be treated as real estate taxes.

           Seller represents to Buyer that to the best of  its
knowledge,  all real estate taxes and installments of  special
assessments  due  and payable prior to  and  in  the  year  of
Closing  on  or before the Closing Date have been or  will  be
paid in full as of the Closing Date.  It is understood between
Seller  and  Buyer that all unpaid levied and pending  special
assessments  payable in the year of Closing are  paid  by  the
Tenant and shall be the responsibility of the Tenant under the
Lease  after  the Closing Date.  Seller further represents  to
Buyer  that  Tenant  shall pay a pro-rata share  of  all  real
estate  taxes and installments of special assessments due  and
payable in the year of Closing.

             In  the  event  Tenant does not pay  any  special
assessments  or  real estate taxes that are the responsibility
of the Tenant under the Lease, Seller and Buyer agreed to each
pay  its prorata share of said assessments or taxes as of  the
Closing Date.

The provisions of this paragraph 8 shall survive Closing.

           B.    Prorations.  The Buyer and the Seller, as  of
the  Closing Date, shall prorate: (i) all rent due  under  the
Lease, if any, (ii) ad valorem taxes, personal property taxes,
charges  or assignments affecting the Property (on a  calendar
year  basis),  (iii)  utility charges, including  charges  for
water,  gas,  electricity,  and  sewer,  if  any,  (iv)  other
expenses relating to the Property which have accrued  but  not
paid  as  of  the  Closing Date, based upon the  most  current
ascertainable tax bill and other relevant billing information,
including any charges arising under any of the encumbrances to
the  Property.   (Provided, however, no adjustments  shall  be
made  at  closing for items payable by the tenant, or  payable
between  the  parties  hereto thereafter,  unless  the  tenant
ultimately  does  not  pay  the same.)   To  the  extent  that
information  for  any such proration is not available  on  the
Closing Date or if the actual amount of such taxes, charges or
expenses  differs  from the amount used in the  prorations  at
closing, then the parties shall make any adjustments necessary
so  that the prorations at closing are adjusted based upon the
actual amount of such taxes, charges or expenses.  The parties
agree to make such reprorations as soon as possible after  the
actual  amount  of  real  estate taxes,  charges  or  expenses
prorated  at  closing becomes available.  In the event  Tenant
does  not pay any expenses that are the responsibility of  the
Tenant  under the Lease, Seller and Buyer agreed to  each  pay
its  prorata  share of said assessments or  taxes  as  of  the
Closing  Date.  This provision and the respective  obligations
of the parties shall survive Closing.

          C.   Closing Costs.   Seller and Buyer shall pay one-
half  of  the following costs of closing, including,  but  not
limited to, all escrow fees of Buyer and Seller.

          Seller  shall pay the following costs:  any and  all
brokerage  commissions owed by Seller to Duemelands Commercial
LLLP,  any  and  all costs associated with the  updated  title
commitment/search, all costs associated with the Owner's Title
policy premium, any and all costs associated with recording of
the  Deed and Assignment and Assumption of Lease, as  well  as
any  costs  associated with any document(s)  or  instrument(s)
necessary  to cure any title objections raised by  Buyer,  the
transfer  taxes (state, county and municipality,  if  such  is
required) and/or transfer fees.

          Buyer  shall  pay any and all costs associated  with
any  special endorsements it may require on its Owner's  Title
Policy,  except  the  costs associated  with  any  endorsement
required to cure Buyer's objection to the existing matters  of
title or survey..

Each  party  will pay its own attorneys' fees  to  close  this
transaction.

          E.   Any escrow closing fee shall be paid equally by
Buyer  and Seller.  Seller shall pay the premium for the Title
Policy  in favor of Buyer in the amount of the Purchase  Price
issued  at  or  after the Closing by the Title Company.   Each
party shall pay its attorneys' fees.

     9.   OBLIGATIONS OF SELLER AT CLOSING:

          At Closing and subject to the full performance by
Buyer under this Agreement, Seller shall deposit into escrow
with the Closing Agent, with a simultaneous copy to Buyer, the
following documents on or before the Closing Date:

          A.    A  limited or special warranty deed  conveying
title  to  the  Property to Buyer, in form  and  substance  as
agreed  to  between Seller and Buyer during the Due  Diligence
Period,  conveying good and marketable (as  required  by  this
Agreement)  fee  title  thereto,  subject  to  the   Permitted
Exceptions;

          B.   Seller's counterpart to the Assignment and
Assumption of the Lease, in form and substance as Exhibit "A"
attached hereto, accompanied by the original Lease and
originals of any and all documentation modifying the Lease,
including but not limited to, assignments, amendments,
commencement agreement, memorandum of lease, letter
agreements, and guaranty of the lease, if any;

          C.   Seller's corporate documentation wherein
Seller's authority and authorization to enter into this
Agreement and the transactions contemplated hereby, and such
proof of the power and authority of the individual(s)
executing or delivering any instruments, documents or
certificates on behalf of Seller to act for and bind Seller as
may be reasonably required by Title Company, Buyer, or both;

           E.   Affidavit of Seller, in form and substance  as
agreed  to  between Seller and Buyer during the Due  Diligence
Period;

           F.    FIRPTA  Affidavit, in form and  substance  as
agreed  to  between Seller and Buyer during the Due  Diligence
Period;

           G.    Any  and  all documentation required  by  the
Closing  Agent  and/or Title Company or by the terms  of  this
Agreement so that the title insurer may issue the title policy
described in this Agreement;

          H.   Notice of Sale to Tenant;
..
          I.   Tenant's Certificate of Insurance naming  Buyer
as  additional insured and/or loss payee, as required  by  the
Lease;

          J.   A  letter  from  Seller to  Buyer  wherein  the
Seller  itemizes (in percentages totaling 100%), the following
percentages of costs of the Premises:  land acquisition,  soft
costs,  building  construction, and site  work  (this  assists
Buyer in allocating the Property onto its books at Closing);

          K.   Seller's executed counterpart to the Assignment
of  warranties in the form as attached hereto and incorporated
herein as Exhibit "B", including copies of all warranties, and
assignments  thereof  to Buyer and/or  Lessee,  issued  to  or
required  to be provided to Lessee as designated in the  Lease
and if required, Seller's Letter of Undertaking to complete at
Seller's expense the transfer of such warranties; and

          L.    At least three (3) business days prior to  the
Closing Date, Seller shall deliver to Buyer an executed Tenant
Estoppel in form and substance as agreed to between Seller and
Buyer  or  as  supplied  by Buyer to  Seller  during  the  Due
Diligence Period;

     10.  OBLIGATIONS OF BUYER AT CLOSING:

     Subject to the full, complete and timely performance by
Seller of its obligations hereof, Buyer shall deposit into
escrow with the Closing Agent, with a simultaneous copy to
Seller, the following documents on or before the Closing Date:

          A.   The balance of the purchase price in the manner
set  forth  herein and authorize the payment  of  the  earnest
money to Seller.

          B.   Pay, or make satisfactory arrangements to pay, any sum
required  to  be paid by Buyer pursuant to any  part  of  this
Agreement.

          C.   Buyer's counterpart to the Assignment and Assumption of
the  Lease,  in  form  and substance as Exhibit  "A"  attached
hereto; and

          D.   Buyer's counterpart to the Assignment of warranties in
the form as attached hereto and incorporated herein as Exhibit
"B".

     11.  REMEDIES:

           A.   If Buyer defaults on its obligations hereunder
and such default continues for a period of ten (10) days after
written notice, then the retention of the earnest money  shall
be  Seller's exclusive remedy hereunder and said monies  shall
be   deemed liquidated damages.  The parties hereto agree that
such  liquidated  damages  are not a  penalty,  but  represent
actual  damages Seller will sustain upon any default by Buyer,
which  damages will be substantial but are extremely difficult
to ascertain.

            B.     In  the  event  Seller  defaults  upon  its
obligations hereunder and shall fail to consummate the sale of
the  Property for any reason except the default of Buyer,  and
such  failure  continues for a period of ten (10)  days  after
written notice, Buyer may terminate this Agreement and receive
return  of  its Earnest Money, or enforce specific performance
of  this  Agreement within six (6) months from the  time  such
cause  of action arose and may bring suit for damages  against
Seller,  which damages shall include, but not be  limited  to,
all   losses,  liabilities,  costs,  and  expenses  (including
reasonable attorney's fees) incurred by Buyer.

     12.  NOTICES:

           All  notices, demands, requests, approvals or other
communications ("notices") required to be given or  which  may
be  given hereunder shall be in writing and shall be given  by
personal  delivery  with  receipt acknowledged  or  by  United
States registered or certified mail, return receipt requested,
postage   prepaid,  by  Federal  Express  or  other  reputable
national   overnight   courier   service   or   by   facsimile
transmission,  and  shall be deemed  given  when  received  or
refused at the following addresses:

     If to Seller:  CDK Associates LLC
                    c/o Les Kinstad
                    PO Box 89925
                    117 South Main Avenue
                    Sioux Falls, SD  57109-9925
                    Email:   lkinstad@legacysiouxfalls.com
                    Fax No:  (605) 275-8833
                    Phone:  (605) 336-7376

     If to Buyer:   AEI Fund Management, Inc.
                    Attn:  George Rerat and Jenn Dingmann
                    1300 Wells Fargo Place
                    Saint Paul, Minnesota 55101
                    Email:  jdingmann@aeifunds.com
                    Fax No:  (651) 225-8144
                    Phone:    (651) 227 - 7333

     With a copy to:Michael B. Daugherty
                    Daugherty Law Firm
                    Suite 1300
                    30 East Seventh Street
                    Saint Paul, Minnesota 55101
                    Email:  mbdlaw@usinternet.com
                    Fax No:  (612) 677-3181
                    Phone:    (612) 720-0777

All notices shall be deemed delivered either upon: (1) receipt
in  case  of personal service, or (2) mailing in case of  U.S.
mail  or  certified mail, (3) deposit in the case  of  express
mail or (4) by facsimile upon transmission.

     13.  ASSIGNMENT:

          The rights and obligations of Buyer hereunder may be
freely  assigned by Buyer and Buyer shall provide Seller  with
notice  of the assignment.  Seller shall notify Buyer  of  any
assignment  of its interest herein, and such assignment  shall
not relieve Seller of its obligations to perform hereunder.

     14.  TAX PLANNING:

           Buyer or Seller may assign its interest herein to a
third  party for purposes of effectuating a like-kind exchange
of  real  estate  pursuant to Section  1031  of  the  Internal
Revenue Code.  Seller and Buyer agree to cooperate and execute
documents as may be necessary for this purpose.

     15.  RISK OF LOSS:

           Seller shall bear the risk of loss or damage to the
Property from all causes, other than the activities of  Buyer,
until Closing.  If, prior to Closing, all or any material part
of  the  Property is damaged by a fire or other  casualty,  or
condemnation  proceedings are commenced or written  notice  of
such  proceedings  given,  Seller shall  promptly  give  Buyer
written  notice of such damage or condemnation  notice.   Upon
delivery of such notice of damage or condemnation (from Seller
or  otherwise),  Buyer shall have the right to terminate  this
Agreement  by delivering written notice to Seller  within  ten
business  days.   If  Buyer does not elect to  terminate  this
Agreement within such period, Seller shall convey the Property
to  Buyer  on  the Closing date in its damaged condition,  and
will assign to Buyer all of Seller's right, title and interest
in  and to any claims Seller may have under insurance policies
covering the Property or under any condemnation awards.

     16.  MISCELLANEOUS:

          A.   This Agreement shall inure to the benefit of,
and be binding upon, the administrators, successors and
assigns of the parties hereto.

          B.   This Agreement shall not be construed more
strictly against one party than against the other, merely by
virtue of the fact that it may have been drafted or prepared
by counsel for one of the parties, it being recognized that
both Buyer and Seller have contributed substantially and
materially to the preparation of this Agreement.

           C.    The  parties  agree to execute  mutually  and
deliver  to  each  other, at closing, such other  and  further
documents as may be reasonable required by counsel     for the
parties  or  title insurer, to carry into effect the  purposes
and intents of this Agreement.

          D.   This offer to purchase expires at 5:00 p.m.  CT
on  the  fifth  (5th)  business day after execution  by  Buyer
unless this Agreement is fully executed by Seller.

           E.    This is a final agreement between the parties
and  supersedes  all previous understandings  and  agreements,
oral  or  written,  relative to the  subject  matter  of  this
Agreement.   Any  amendments or alterations to this  Agreement
shall be made in writing and appended hereto.

           F.   This Agreement may be executed by facsimile or
in  multiple counterparts, each of which shall be deemed to be
an  original, but all of which, together, shall constitute one
and the same instrument.

           G.    This  agreement shall be deemed to have  been
made in North Dakota and shall be construed in accordance with
the laws of the State of North Dakota.

           H.    Unless otherwise expressly stated,  all  time
periods  referred to herein shall be deemed to  mean  calendar
days.   In the event any date for performance by either  party
of  any obligation hereunder required to be performed by  such
party falls on a Saturday, Sunday or holiday recognized by the
federal government or the State of North Dakota, the time  for
performance of such matter shall be deemed extended until  the
next business day immediately following such date.

     17.  REAL ESTATE BROKERS:

           In this transaction, Duemelands Commercial LLLP, is
the  only real estate broker and is a facilitating transaction
broker  and does not represent either the Buyer or the Seller.
Each  party shall hold the other harmless from any  claims  by
any  other  broker  for compensation in connection  with  this
transaction.

           Seller shall pay a commission fee equal to 1.5%  of
total  sale price, plus any required state sales tax,  to  the
procuring broker, Duemelands Commercial LLLP.
The  parties have caused these presents to be executed  as  of
the day and year written below.

SELLER:        CDK ASSOCIATES LLC

               By: /s/ Lester A Kinstad
               Name:   Lester A Kinstad
               Its:    Managing Member

               Dated:  December 4, 2006

BUYER:         AEI FUND MANAGEMENT, INC.

               By: /s/ Robert P Johnson
                       Robert P. Johnson, President

               Dated:  November 29, 2006ASSIGNMENT AND ASSUMPTION OF LEASE

      THIS  ASSIGNMENT AND ASSUMPTION OF LEASE AGREEMENT (this
"Assignment")  is made and entered into as of the  19  day  of
January,  2007,  by and between by and between CDK  Associates
LLC,  having  an address 117 South Main Avenue,  Sioux  Falls,
South  Dakota ("Assignor"), and AEI Income & Growth Fund  XXII
Limited Partnership, a Minnesota limited partnership, as to an
undivided  fifty  (50.0%)  percent interest  as  a  tenant  in
common,  and  AEI  Income & Growth Fund  24  LLC,  a  Delaware
limited  liability company, an undivided fifty (50.0%) percent
interest  as  a tenant in common, (together, collectively  the
"Assignee"), both having an address of 1300 Wells Fargo Place,
30 East Seventh Street, St. Paul, Minnesota.

                           RECITALS:

      A.    Assignor and Assignee are parties to that  certain
Purchase  and  Sale  Agreement dated December  4,  2006,  (the
"Agreement"),  pursuant to which Assignee  is  acquiring  from
Assignor the real property and improvements, located  at  4460
32nd  Avenue  South,  Grand Forks, Grand Forks  County,  North
Dakota  as  more particularly described on EXHIBIT A  attached
hereto   and  incorporated  herein  by  this  reference   (the
"Property").

  B.   Pursuant to the terms of the Agreement, Assignor desires
to sell, assign, convey, transfer and set over to Assignee and
Assignee desires to assume all of Assignor's interest in  that
certain Lease Agreement dated December 29, 2004 (the "Lease"),
by  and  between  Assignor  and Tractor  Supply  Company  (the
"Tenant"),   including  all  rents  prepaid  for  any   period
subsequent  to  the date of this Assignment,  subject  to  the
terms and conditions set forth below.

 C.   Assignor is the Landlord under the Lease with full right
and  title  to  assign the Lease and the Rent to  Assignee  as
provided herein.  The Lease is valid, in full force and effect
and has not been modified, pledged, or amended.  So far as  is
known  to  Assignor, there is no default by Tenant  under  the
Lease  and  no Rent has been waived, anticipated,  discounted,
compromised or released.

      NOW, THEREFORE, for good and valuable consideration, the
receipt  and  sufficiency of which are hereby acknowledged  by
the parties, Assignor and Assignee hereby agree as follows:

      1     Assignor  hereby  irrevocably and  unconditionally
sells,   assigns,  conveys,  transfers  and  sets  over   unto
Assignee,  its heirs, successors and assigns as  of  the  date
hereof (the "Effective Date"), all of Assignor's right,  title
and  interest  in, to and under: (i) the Lease, together  with
any  and all guaranties thereof, if any, and (ii) any and  all
rents  prepaid as of the Effective Date, held by  Assignor  in
connection with the Lease (the "Rent").

      2.   Assignee hereby assumes and shall be liable for any
and all liabilities, claims, obligations, losses and expenses,
including  reasonable  attorneys' fees arising  in  connection
with the Lease which are actually incurred, and which arise by
virtue of acts or omissions occurring thereunder, on or  after
the Effective Date. Assignor shall indemnify and hold Assignee
harmless  from  any and all liabilities, claims,  obligations,
losses  and  expenses,  including reasonable  attorneys'  fees
arising  in  connection  with the Lease  or  as  a  result  of
Assignor's  failure  to  fulfill  the  landlord's  duties  and
obligations  accruing under the Lease prior to  the  Effective
Date. Assignee shall indemnify and hold Assignor harmless from
any   and  all  liabilities,  claims,  obligations,  loss  and
expenses,  including reasonable attorneys'  fees,  arising  in
connection with the Lease or as a result of Assignee's failure
to  fulfill  the  landlord's duties and  obligations  accruing
under  the  Lease  on or after the Effective  Date.   Assignee
shall be entitled to receive all income arising from the Lease
from and after said Effective Date. Assignor shall be entitled
to  receive  all income accruing from the Lease prior  to  the
Effective Date.

      3.    Assignor shall direct the tenant and any successor
tenant  under  the Lease to pay to Assignee the Rent  and  all
other  monetary  obligations due or to become  due  under  the
Lease for the period beginning on the Effective Date.

     4.   This Assignment shall be governed by and construed
in accordance with the laws of the state in which the Property
is located.

     5.   All rights and obligations of Assignee and Assignor
hereunder shall be binding upon and inure to the benefit of
Assignor, Assignee and the heirs, successors and assigns of
each such party.

      6.    This  Assignment may be executed in any number  of
counterparts,  each  of  which shall be  effective  only  upon
delivery and thereafter shall be deemed an original,  and  all
of which shall be taken to be one and the same instrument, for
the  same effect as if all parties hereto had signed the  same
signature page. Any signature page of this Assignment  may  be
detached  from  any  counterpart of  this  Assignment  without
impairing the legal effect of any signatures thereon  and  may
be attached to another counterpart of this Agreement identical
in  form  hereto  but  having  attached  to  it  one  or  more
additional signature pages.

     7.   Whenever the context so requires in this Assignment,
all words used in the singular shall be construed to have been
used  in  the  plural (and vice versa), each gender  shall  be
construed to include any other genders, and the word  "person"
shall be construed to include a natural person, a corporation,
a  firm, a partnership, a joint venture, a trust, an estate or
any other entity.

     IN WITNESS WHEREOF, Assignor and Assignee have executed
this Assignment and Assumption of Lease effective as of the
day and year first above written.

                       ASSIGNOR: CDK ASSOCIATES LLC,
                                 a South Dakota limited liability company

                                 By: /s/ Lester A Kinstad
                                 Print Name: Lester A. Kinstad
                                 Its:      Managing Member

STATE OF SOUTH DAKOTA    )
                              ) ss.
COUNTY OF MINNEHAHA )

      On  this  15   day  of  January, 2007,  before  me,  the
undersigned, a Notary Public in and for said State, personally
appeared  Lester A. Kinstad, in his capacity as  the  Managing
Member of CDK Associates LLC, a South Dakota limited liability
company,  who  acknowledged  the execution  of  the  foregoing
instrument to be the voluntary act and deed of said company by
authority of its board of directors on behalf of the company..

                              /s/ Bonnie Noteboom
                                   Notary Public

[notary seal]
                    ASSIGNEE: AEI Income & Growth Fund XXII
                              Limited Partnership,
                              a Minnesota limited partnership

                         By:  AEI Fund Management XXI, Inc.,
                              a Minnesota corporation,
                              its General Partner

                          By: /s/ Robert P Johnson
                          Name:   Robert P. Johnson
                          Its:    President

STATE OF MINNESOTA  )
                    ) ss.
COUNTY OF RAMSEY    )

On this ____ day of January, 2007, before me, the undersigned,
a  Notary  Public in and for said State, personally Robert  P.
Johnson,  personally known to me to be the person who executed
the  within instrument as the President of AEI Fund Management
XXI, Inc., a Minnesota corporation, the general partner of AEI
Income  &  Growth Fund XXII Limited Partnership,  a  Minnesota
limited partnership, on behalf of said corporation.

                              /s/ Jennifer L Dingman
                                    Notary Public
[notary seal]

                              AEI Income & Growth Fund 24 LLC,
                              a Delaware limited liability
                              company

                              By:  AEI Fund Management XXI, Inc.,
                                   a Minnesota corporation,
                                   its Managing Member

                              By:  /s/ Robert P Johnson
                              Name:    Robert P. Johnson
                              Its:     President

STATE OF MINNESOTA  )
                    ) ss.
COUNTY OF RAMSEY    )

On this ____ day of January, 2007, before me, the undersigned,
a  Notary  Public in and for said State, personally Robert  P.
Johnson,  personally known to me to be the person who executed
the  within instrument as the President of AEI Fund Management
XXI, Inc., a Minnesota corporation, the managing member of AEI
Income  &  Growth  Fund 24 LLC, a Delaware  limited  liability
company, on behalf of said corporation.

                              /s/ Jennifer L Dingman
                                     Notary Public
[notary seal]

        EXHIBIT A TO ASSIGNMENT AND ASSUMPTION OF LEASE

                       Legal Description

Lot One (1), in Block One (1), Plat of Johnson's West First
Addition to the City of Grand Forks, North Dakota, according
to the Plat thereof on file in the Office of the County
Recorder within and for Grand Forks County, N.D., and recorded
as Doc. No. 637930.

                                                 GRAND FORKS, ND
                              LEASE

     THIS  LEASE made as of the 29th day of  December ,  2004,  by
and  between  CDK  Associates, LLC (the  "Landlord")  and  TRACTOR
SUPPLY COMPANY, a Delaware corporation (the "Tenant"). Capitalized
terms  shall have the meanings ascribed to such terms in the  body
of this Lease.

     1.   Premises.

  (a)  LEASED PREMISES. Landlord, for and in consideration of the
covenants contained in this Lease and made on the part of  Tenant,
does  hereby lease unto Tenant and Tenant does hereby  lease  from
Landlord the real property described in Exhibit A attached hereto,
and  the  improvements  now  or  hereafter  located  thereon  (the
"Premises"), situated in Grand Forks, North Dakota, to have and to
hold  the  same,  for  the term and on the conditions  hereinafter
provided.  The  Premises  shall include  an  approximately  21,679
square    foot   building   (the   "Building"),   parking   areas,
approximately    square  foot  fenced outdoor  display  area  (the
"Outdoor  Display  Area"), the trailer display, sidewalk  display,
and  other  display  areas,  and other  related  improvements,  as
reflected  in the Site Plan attached hereto as part of  Exhibit  A
(the "Site Plan").

   (b)  CONSTRUCTION OF IMPROVEMENTS. Prior to commencement of the
Term  of  this  Lease, as described in Section 2  below,  Landlord
agrees to complete the design, engineering and construction of the
Building and other improvements on the Premises in accordance with
the  construction  requirements described in  Exhibit  E  attached
hereto (the "Landlord's Work").

   (c)  APPROVALS. Landlord shall be responsible for obtaining, at
Landlord's  expense, all zoning, land use and  other  governmental
approvals  necessary for operation of the Premises by  Tenant  for
the  Intended  Use,  including, without  limitation,  the  Outdoor
Display Area, and the sidewalk and trailer display areas,  all  as
reflected  on  the  Site Plan (the "Required  Approvals").  Tenant
shall  be  responsible  for obtaining, at  Tenant's  expense,  any
approvals  necessary  in  connection with  Tenant's  signage  (the
"Tenant Approvals"). Notwithstanding the foregoing, if all of  the
Required Approvals and the Tenant Approvals have not been obtained
(and  copies  provided to Tenant) by April 1, 2005 (the  "Approval
Date"),  Tenant  may  either (i) waive the  requirement  for  such
approval,  or  (ii)  terminate this Lease upon written  notice  to
Landlord,  such  notice to be delivered within  thirty  (30)  days
following  the  date Landlord notifies Tenant that such  approvals
are not available.

  (d)  APPROVAL OF LEASE EXHIBITS. Landlord and Tenant acknowledge
and  agree that the Site Plan attached hereto as Exhibit  A  is  a
preliminary  site  plan for development of the Premises  and  sets
forth  the  general requirements and expectations of  the  parties
with respect to development of the Premises (the "Preliminary Site
Plan").  Landlord  agrees that Landlord will not materially  alter
the layout of the Premises as contemplated by the Preliminary Site
Plan,  including, without limitation, the size or location of  any
of  the  improvements,  the site access,  parking  areas,  outdoor
display areas or signage, without Tenant's prior written approval.
Landlord  further agrees that, within ten (10) business days  from
the  date  of  this Lease, Landlord shall provide to  Tenant,  for
Tenant's  approval,  a  final site plan for the  Premises.  Tenant
agrees that Tenant's approval of the final site plan shall not  be
unreasonably  withheld so long as the final  site  plan  does  not
materially alter the layout of the Premises as contemplated by the
Preliminary Site Plan, including without limitation, the  size  or
location  of  any  of the improvements, the site  access,  parking
areas, outdoor display areas or signage. Upon approval of a  final
site  plan  by  Tenant (the "Final Site Plan"), the  Landlord  and
Tenant  shall  enter into an Amendment to the Lease  in  the  form
attached   hereto  as  Schedule  1(d)  which  shall   delete   the
Preliminary  Site  Plan  and substitute the  Final  Site  Plan  as
Exhibit A to the Lease.

     2.   Term.

  (a)  LEASE COMMENCEMENT. This Lease shall be effective as of the
date of this Lease. Tenant shall have and hold the Premises for an
initial  term of fifteen (15) years commencing on the  earlier  of
(i)  sixty  (60)  days  following substantial  completion  of  the
Building  and improvements, in accordance with Exhibit E  attached
hereto, or (ii) the date on which the Tenant's store is opened for
business  to  the  general  public (the "Commencement  Date")  and
ending  on  the last day of the month which is one hundred  eighty
(180)  full  months after the Commencement Date. The "Term"  shall
mean the original term of this Lease, plus any extensions pursuant
to  the  terms of this Lease. Upon substantial completion  of  the
Building  and  improvements,  Landlord  shall  send  to  Tenant  a
Commencement Notice in the form attached hereto as Schedule  2(a),
and  upon Tenant's execution of the Notice, the Commencement  Date
set  forth  on  the Notice shall be deemed to be the  Commencement
Date  of  the  Lease. A "Lease Year" shall mean each  twelve  (12)
month  period of the Term commencing on the Commencement Date  and
every  anniversary thereof, provided, however, if the Commencement
Date  is on a date other than the first (1st) day of a month,  the
first  Lease Year shall be extended to include the number of  days
from the Commencement Date to the first day of the next succeeding
month.

   (b)  EARLY OCCUPANCY. Notwithstanding the foregoing, Tenant may
occupy the Premises prior to the Commencement Date for purposes of
completing fixturing and other work to be completed by  Tenant  in
readying the store for opening.

       3.  OPTION TO EXTEND TERM. Tenant shall have the  right  to
extend the Term for three (3) successive periods of five (5) years
each  on  the  terms and conditions contained in this Lease,  upon
written  notice in writing to Landlord given at least ninety  (90)
days  prior to the expiration of the initial Term or any  extended
Term.

     4.   ANNUAL RENT/FIXED.

         (a)  RENT COMMENCEMENT. Tenant's liability for rent shall
commence  on  the  Commencement Date, subject  to  the  terms  and
conditions  of  this  Lease.  Tenant,  in  consideration  of   the
covenants  made  by  Landlord, covenants  and  agrees  to  pay  to
Landlord  as  rent  for  the Premises during  the  Term,  and  any
extension  thereof, the annual basic rent as set forth on  Exhibit
C,  attached  hereto  and  made a part hereof  (collectively,  the
"Annual  Rent"), payable in advance in equal monthly  installments
on the first (1s1) day of every calendar month (each, a
"Due  Date"), as set forth on Exhibit C. If the Commencement  Date
is  a  day other than the first day of a calendar month, the first
rental  payment and the last rental payment shall be the  pro-rata
portion of such rent for days contained in such fractional  month.
Rent shall be paid to Landlord at the address set forth on Exhibit
C,  or  at such other address as Landlord may designate by written
notice to Tenant.

          (b)  MONTHLY  INSTALLMENTS. All monthly installments  of
Annual  Rent  shall be paid on or before the Due  Date  in  United
States   Dollars,  without  prior  demand  or  offset  except   as
specifically  permitted under this Lease. Any monthly  installment
of Annual Rent made more than fifteen (15) days after the Due Date
shall bear interest at the rate of one and one-half percent (1.5%)
per annum until paid.

     5. NET LEASE. In addition to the Annual Rent, Tenant shall be
responsible  for payment of real estate taxes, insurance  premiums
and  utilities related to the Premises in order to make the Annual
Rent  payable  to  Landlord,  net of  all  customary  expenses  of
operating the Premises, as follows:

  (a)  REAL ESTATE TAXES. From and after the Commencement Date and
during  the  Term  of this Lease and any renewals thereof,  Tenant
shall  also  be  responsible for the payment of  all  real  estate
property  taxes ("Property Taxes") assessed against the  land  and
the Building and improvements to be constructed which comprise the
Premises.  Landlord shall furnish Tenant with a copy of each  paid
tax  bill, and within thirty (30) days after the receipt of  same,
Tenant  shall  pay  to Landlord the full amount of  such  Property
Taxes as shown on such statement for payment by Landlord. Landlord
shall  provide Tenant with an estimate of Property Taxes  for  the
first Lease Year as soon as available.

   (b)  INSURANCE. From and after the Commencement Date and during
the  Term  of this Lease, Tenant shall procure and keep in  effect
during  the  Term  public liability and property damage  insurance
with  a  combined single limit coverage of $2,000,000.00 for  each
occurrence.  Tenant shall also procure and keep in  effect  during
the  Term fire and extended coverage for the Building, written  on
an  All-Risk  Endorsement and Replacement Cost  basis.  Each  such
policy  referred  to  above  shall name  Landlord  and  Landlord's
mortgagee  as additional insureds, as their interest  may  appear.
All  such  policies shall be issued by entities with an A.M.  Best
Rating  of  A-VII or higher. Tenant shall deliver certificates  of
insurance  evidencing such coverage within ten (10)  days  of  the
Commencement Date, or the date of any renewal of this  Lease,  and
not  less than three (3) days prior to the expiration of any  such
policy.

 (c)  ASSESSMENTS. From and after the Commencement Date and during
the  Term of this Lease, Tenant shall pay, as they become due  and
payable,   all  assessments  and  other  charges  or  governmental
impositions   levied  upon  or  assessed  against  the   Premises,
including  but  not limited to, assessments for  sewer  or  water,
within thirty (30) days after Landlord has furnished Tenant with a
copy of the statement for the same; provided, however, that Tenant
may,  in  its own name, dispute and contest the same, and in  such
case,  disputed  items shall be paid under protest  until  finally
adjudicated  to be valid. At the conclusion of any  such  contest,
Landlord  shall reimburse Tenant 100% of any reduction and  Tenant
shall pay Landlord 100% of
any increase. All court costs, interest and penalties relating to
any such dispute shall be paid by Tenant.

          If any assessment is payable in installments or separate
parts  over a period of two (2) or more years, only the part which
becomes due in a particular year shall be payable according to the
provisions of this Lease agreement.

          (d)  UTILITIES.  Landlord, at Landlord's expense,  shall
cause all utilities serving the Premises to be separately metered.
No splitting mechanism or private meters may be used. Tenant shall
make  arrangements for all utilities serving the Premises to  bill
Tenant directly for monthly usage charges during the Term of  this
Lease.  Tenant agrees to pay all charges made against the Premises
during  Tenant's  occupancy  of the Premises  for  utility  usage,
including  electricity, gas, heat, water, and all other  utilities
as  and  when  due during the Term of this Lease and any  renewals
thereof.

     6.   QUIET POSSESSION.

  (a)  POSSESSION. Provided Tenant complies with the terms of this
Lease,  Landlord  represents, warrants and  guarantees  to  Tenant
quiet and undisturbed possession of the Premises for the Term, and
further  represents and warrants to Tenant that Landlord has  full
right  and  lawful  authority to enter into  this  Lease,  and  is
lawfully  seized of the Premises, free and clear of all tenancies,
liens  and  encumbrances superior in rights to this Lease,  except
for  real estate taxes not yet due and payable, and the exceptions
described on Exhibit D attached hereto which have been approved by
Tenant   (collectively   the  "Permitted  Exceptions").   Landlord
represents  and  warrants  that the Permitted  Exceptions  do  not
prohibit or adversely affect in any way the Tenant's Intended Use,
or  the  other  provisions of this Lease.  Landlord  warrants  and
agrees  to  defend the title to the Premises, and will  indemnify,
hold  harmless  and defend Tenant against any damage  and  expense
which  Tenant may suffer by reason of any defect in the  title  or
description of the Premises.

       (b)  APPLICABLE LAW. The Premises are subject to applicable
statutes, ordinances and regulations which Landlord represents and
warrants do not prohibit or adversely affect the Intended  Use  of
the  Premises, including, without limitation, the Outdoor  Display
Area, and the other display areas described on the Site Plan.

 (c)  CERTIFICATE OF OCCUPANCY. Landlord covenants and agrees that
following  completion  of the Building and improvements,  Landlord
shall  obtain, at Landlord's expense, a certificate  of  occupancy
permitting  occupancy  of the Premises for Tenant's  Intended  Use
issued   by   the   appropriate  governmental   authority   having
jurisdiction  over  the  Premises,  and  the  original  shall   be
delivered  to Tenant. Landlord represents and warrants  to  Tenant
that  the  Premises, when completed, and the Intended  Use,  shall
comply  with  the  requirements  of all  governmental  authorities
applicable   to  the  Premises,  including,  without   limitation,
planning  and  zoning rules and regulations, and Building,  health
and  fire  codes  and any requirements of the Required  Approvals.
Landlord  acknowledges  that  Tenant's  obligation  to  pay   rent
hereunder is contingent upon issuance of an acceptable certificate
of occupancy and Landlord's compliance with the other requirements
set forth in Exhibit E. Notwithstanding anything contained in this
Lease to
the   contrary,   provided  Tenant  operates   the   Premises   as
contemplated  by  the  approved plans and specifications,  and  in
accordance  with the Required Approvals, if Tenant  is  restricted
from  operating Tenant's business as contemplated by  this  Lease,
including use of the Outdoor Display Area and other display  areas
designated  on  the Site Plan, then Tenant may, upon  thirty  (30)
days  prior written notice to Landlord, terminate this  Lease,  in
which  event,  Tenant  shall satisfy all obligations  through  the
termination  date  and  shall  then be  relieved  of  any  further
obligations.

  (d)  SUBORDINATION; ATTORNMENT; NONDISTURBANCE. At the option of
any  first  mortgagee  of  the  Premises,  this  Lease  shall   be
subordinate at all times to the lien of such mortgage or  deed  of
trust  existing or that may hereafter be placed upon the Premises,
and  to  any and all advances made thereunder, provided that  such
subordination  shall  not become effective unless  and  until  the
proposed   mortgagee  or  beneficiary  shall  have  executed   and
delivered   to  Tenant  the  Subordination,  Non-Disturbance   and
Attornment  Agreement  attached hereto as Exhibit  G  (hereinafter
referred to as the "Nondisturbance Agreement").

       In  the event Landlord has not furnished Tenant with  an
executed  Nondisturbance Agreement from any existing mortgagee  or
beneficiary  within sixty (60) days from the date of  this  Lease,
Tenant  shall  have the right to terminate this Lease  by  written
notice to Landlord, and immediately receive from Landlord any  and
all  prepaid  rents, deposits and other sums  paid  by  Tenant  on
account of this Lease.

(e)  ADA COMPLIANCE. Landlord covenants and agrees that at its own
expense,  and without any right of reimbursement from  Tenant,  it
shall   complete   construction  of  the  Building   and   related
improvements, and take such other actions as shall be necessary to
cause   the  Premises,  to  fully  and  timely  comply  with   the
requirements  of  all governmental authorities applicable  to  the
Premises, including, without limitation, planning and zoning rules
and  regulations, Building, health and fire codes,  the  "American
with  Disabilities  Act"  of  1990  as  amended  and  the  Federal
regulations  promulgated  thereunder  (the  "Disabilities   Act");
provided, however, that, with respect to the Disabilities Act, the
parties agree as follows:

   (i)  Each party shall have responsibility under the Disabilities
    Act for its own standards, criteria, policies, practices, and
    procedures.

   (ii) Tenant shall have the responsibility for the provision of
    auxiliary  aids  and services" (as such term is  used  in  the
    Disabilities Act) to its customers, if and to the extent required
    in connection with its operation of its business on the Premises.

    (iii)     Except as provided in subsection (iv) below, Landlord
    shall have responsibility for the removal of barriers, where such
    removal is required by the Disabilities Act.

        (iv) Tenant shall have the responsibility for the removal of
    barriers,  if any, created by its trade fixtures and leasehold
    improvements made by Tenant, where such removal is required by the
    Disabilities Act.
        (v)  Where barrier removal is not required by the Disabilities
     Act, but the use of alternative methods of providing access is
     required, Landlord shall have responsibility for the use of such
     methods except to the extent that the Disabilities Act required
     alternative methods that involve services by Tenant's employees
     for the retrieval or delivery of Tenant's inventory.

         (vi) Where alterations made by either party trigger 'path of
     travel' requirements under the Disabilities Act, responsibility
     for satisfying such requirements shall rest on the party making
     such alterations.

     7.  USE  OF  THE  PREMISES. Tenant  shall  use  the  Premises
primarily  for the sale of farm, home and auto supplies,  and  any
incidental  or  accessory  uses relating  thereto,  including  the
display  of  merchandise  in  the Outdoor  Display  Area,  on  the
sidewalks  in  front of the Building, and in the  trailer  display
area, all as reflected on the Site Plan attached as Exhibit A (the
"Intended Use"). In addition, Tenant shall have the right  to  use
the  Premises  for any other lawful purpose provided  the  written
consent of Landlord shall have been obtained, which consent  shall
not  be  unreasonably withheld or delayed. Tenant shall not permit
or  suffer  the  use  of  the Premises for any  unlawful  purpose.
Landlord  specifically acknowledges that Tenant may erect  racking
and other display facilities in the Outdoor Display Area reflected
on  Exhibit  A.  Tenant shall also have the right to  enclose  the
Outdoor  Display Area with fencing. In addition,  to  the  Outdoor
Display Area, Tenant may display seasonal merchandise in the areas
designated on the Site Plan attached as Exhibit A.

     8.   [RESERVED]

     9.   EMINENT DOMAIN.

     (a)  TAKING. As used herein, the term "Taking" shall mean any
taking of all or any part of the Premises or any access thereto by
right  of eminent domain, by a deed in lieu thereof, or otherwise.
Landlord  shall  give  Tenant prompt  notice  of  any  pending  or
threatened  Taking  and shall provide Tenant with  copies  of  all
notices   or   other  information  related  to  any  negotiations,
communications,  or  government actions related  to  a  threatened
Taking.

       (b)  TERMINATION BY TENANT. If, during the Term, there is a
Taking, and the remaining portion of the Premises, if any,  is  in
Tenant's judgment unsuitable for the Intended Use, Tenant  may  by
written  notice to Landlord terminate this Lease as  of  the  date
title vests pursuant to such Taking and all rent and other charges
due under this Lease shall be apportioned to such date.

          In addition, if as a result of a Taking (i) there is any
material  change  in access from the Premises to 32nd  Street,  or
(ii)  the parking ratio for the Premises is reduced below one  (1)
parking space per 290 square feet of gross leasable area, or (iii)
the  repairs to the portion of the Premises subject to the  Taking
cannot,  in  Tenant's reasonable judgment, be  repaired  within  a
reasonable  timeframe  to avoid disruption of  Tenant's  business,
then,  and in any of such events, Tenant may terminate this  Lease
by  written notice to Landlord and all rent and other charges  due
under  this  Lease  shall be apportioned to the date  title  vests
pursuant to such Taking.

             (c)  RESTORATION. If this Lease is not terminated as
                 hereinabove provided then:

           (i)  Landlord shall at its sole expense promptly repair and
     rebuild the part of the Premises that is not subject to the Taking
     to  a  condition satisfactory, in Tenant's judgment, for  the
     Intended Use.

     (ii) Between the date of Taking and thirty (30) days following the
     completion of repairing and rebuilding the Premises, all rent and
     other charges payable to Tenant to Landlord hereunder shall be
     equitably abated to the extent that the Premises are not,  in
     Tenant's judgment, suitable for the conduct of Tenant's Intended
     Use.

     (iii)     Upon the completion of such repairs and rebuilding, and
     thereafter throughout the balance of the Term, rent and other
     charges due Landlord hereunder shall be reduced in that proportion
     which the number of square feet of area of the Premises taken
     bears to the total number of square feet of area of the Premises
     existing immediately prior to such Taking.

     (iv) Notwithstanding the foregoing, nothing in this Lease shall
     prohibit Tenant from receiving compensation from the condemning
     authority for Tenant's interest in the Premises, trade fixtures
     installed  by Tenant in the Premises, or for Tenant's  moving
     expenses.

     10.  MAINTENANCE AND REPAIR.

  (a)  HVAC AND BUILDING SYSTEMS. Landlord represents and warrants
to  Tenant  that, as of the commencement of the Term, the  heating
ventilating,  and air conditioning (collectively the "HVAC"),  the
plumbing,  mechanical, electrical and roof systems in  or  serving
the Premises are new, have been tested and are in complete working
order,   meet  the  specifications  for  the  Premises,  and   are
acceptable  for Tenant's Intended Use and in conformity  with  all
requirements of applicable governmental authorities.

  (b)  TENANT OBLIGATIONS. Tenant shall, at its expense, maintain in
good  condition  and  repair  the exterior  and  interior  of  the
Premises, the roof, the other structural elements of the Premises,
and  the doors and windows, the Outdoor Display Area, the HVAC and
the plumbing, sewer and electrical systems from the meter into the
Premises (not the main lines), except for any repairs thereto that
are  necessitated by the willful or negligent acts of Landlord  or
its agents, independent contractors, vendors, suppliers, servants,
other  tenants, or employees, which Landlord shall perform at  its
expense.

  (c)  LANDLORD OBLIGATIONS. Notwithstanding Section 11(b) above,
during  the first Lease Year, Landlord shall, upon notice,  repair
or  replace, or cause to be repaired or replaced, without cost  or
expense  to  Tenant,  any  defective HVAC,  plumbing,  mechanical,
electrical,  roof  systems, or other structural and  nonstructural
elements making up or serving the Premises.

       (d)  RIGHT TO CORRECT. If either party fails to perform its
replacement, repair or maintenance obligations hereunder, then the
nondefaulting party, after thirty (30) days written notice to  the
defaulting  party or upon such shorter notice as may be reasonable
(i)  in  the  event  of an emergency or (ii)  in  the  event  such
replacement, repair or maintenance is necessary in order to  avoid
damage  to  Tenant's  merchandise or  interference  with  Tenant's
business,  may  perform  the same at the cost  of  the  defaulting
party;  provided, however, other than in the case of an  event  or
events described in clause (i) or (ii), above, of this subsection,
if  such  default cannot be cured within thirty (30) days  despite
diligent  efforts  and  such defaulting party  commences  to  cure
within  such  thirty (30) day period, and thereafter pursues  such
cure  diligently  to  completion, then the cure  period  shall  be
extended  for  such  additional period as shall  be  necessary  to
complete such cure, but not to exceed sixty (60) clays.

          If  the  defaulting party is Tenant and Tenant fails  to
reimburse  Landlord  for  the  cost of  replacements,  repairs  or
maintenance  so  performed by Landlord within  thirty  (30)  clays
after Tenant receives from Landlord a statement setting forth such
cost,  then the cost to Landlord of performing the same  shall  be
deemed additional Rent.

          If  the defaulting party is Landlord and Landlord  fails
to  reimburse  Tenant  for  the cost of replacements,  repairs  or
maintenance so performed by Tenant within thirty (30)  days  after
Landlord receives a statement setting forth such cost, then Tenant
may  offset the cost to Tenant of performing the same against  the
rent and other charges due from Tenant under this Lease.

 (e)  ASSIGNMENT OF WARRANTIES. All third-party warranties related
to  the  HVAC,  the  roof, and other Building  systems,  shall  be
assigned   to   Tenant  upon  completion  of  the   Building   and
improvements  and acceptance of the Building and  improvements  by
Tenant, as provided for in Exhibit E.

     11.  ALTERATIONS AND IMPROVEMENTS.

          (a)  ALTERATIONS OR IMPROVEMENTS BY TENANT. Tenant  may,
at its expense, make any nonstructural alterations or improvements
to  the  Premises  which  it  may deem  desirable,  provided  such
improvements shall be made in a good and workmanlike manner and in
accordance  with  all  applicable governmental  requirements.  The
Landlord,  without expense to itself, shall cooperate with  Tenant
in  securing  Building  permits or other authorizations  necessary
from time to time for any such work by Tenant.

    In  addition,  Tenant may also make structural alterations  or
improvements  to  the  Premises  with  Landlord's  prior   written
consent,  which  consent  shall not be  unreasonably  withheld  or
delayed. If Landlord fails to consent or object in writing to  any
alterations or improvements proposed by Tenant to Landlord  within
fifteen  (15)  days  after Tenant so requests, Landlord  shall  be
deemed  to  have  consented  to  such  structural  alterations  or
improvements. If any mechanics' or materialmen's liens  are  filed
arising  from  any  work by Tenant with respect to  the  Premises,
Tenant shall satisfy or otherwise remove such liens of record from
the  Premises  within sixty (60) days of notification  thereof  by
Landlord.  If  Tenant disputes the claim, in  good  faith,  Tenant
shall  have the right to contest the same in a court of  competent
jurisdiction, provided Tenant deposits
a reasonable escrow fund with Landlord or otherwise has the lien
bonded during such proceedings.

     (b)  LANDLORD'S WORK. Landlord shall, at Landlord's expense,
subject  to  force  majeure, complete the Landlord's  Work  on  or
before  October  15, 2005 (the "Completion Date").  In  the  event
Landlord's  Work is not completed by the Completion  Date,  Tenant
may,  in  its  sole  discretion, (i) charge  Landlord  (by  offset
against rent due hereunder) an amount equal to one (1) day of rent
for each day the completion of the Landlord's Work is delayed past
the Completion Date, or (ii) complete Landlord's Work, which event
Landlord  shall  reimburse  Tenant  within  ten  (10)  days  after
completion thereof for all expenses incurred by Tenant to complete
Landlord's  Work  plus  a project management  fee  of  twenty-five
percent (25%) of the total cost for such work, or, if such expense
is  not  reimbursed, such expense including the project management
fee,  shall  be set off by Tenant against the rent due under  this
Lease,  or (iii) terminate this Lease by giving written notice  to
Landlord.  Tenant shall use good faith diligent efforts to  obtain
the lowest bid for completing Landlord's Work.

   (c)  END OF TERM. Upon the termination of this Lease, the Tenant
shall,  at  its  option (i) remove any trade fixtures,  equipment,
alterations, and improvements installed by it on the Premises  and
repair  any damage caused by such removal, at its expense or  (ii)
leave  all  such  alterations  and improvements  on  the  Premises
(except for its moveable trade fixtures, furniture and equipment),
in  which event all such alterations and improvements shall become
the property of Landlord.

     12.  DAMAGE OR DESTRUCTION BY FIRE OR OTHER CASUALTY.

         (a)  DESTRUCTION;  RIGHTS  OF PARTIES.  If  the  Premises
(including all improvements and alterations thereon, whether  made
by  Landlord or Tenant) shall be damaged or destroyed by fire, the
elements, unavoidable accident or other casualty, whether in whole
or  in  part,  the Landlord, at its sole cost and  expense  shall,
within  six  (6)  months from the date such damage or  destruction
occurs  (the  "Expected Completion Date") promptly  and  with  due
diligence  repair  and  rebuild  the  Premises  to  the  condition
existing  just prior to such damage or destruction. Tenant  agrees
the  proceeds  of  the property insurance shall  be  available  to
reimburse  Landlord for costs and expenses incurred  in  repairing
and  restoring the Premises. If Landlord determines in good  faith
that  the  Premises  cannot  be so repaired  and  rebuilt  by  the
Expected  Completion Date, Landlord, shall within  five  (5)  days
from  the date of such damage or destruction, give written  notice
to  Tenant  of  the  date  when the Premises  will  be  completely
repaired  and  rebuilt (the "Revised Expected  Completion  Date"),
whereupon,  Tenant shall have the option either (i)  to  terminate
this  Lease  by  written notice to Landlord within ten  (10)  days
thereafter and this Lease shall be deemed to have terminated as of
the date of such damage or destruction; or (ii) to permit Landlord
to  completely  repair  and rebuild the Premises  by  the  Revised
Expected Completion Date.

         Notwithstanding  anything  contained  in  this   section,
Tenant  shall  have the further right to terminate this  Lease  by
written  notice  to  Landlord  within  ten  (10)  days  from   the
occurrence  of any one of the following events: (i) Landlord  does
not commence repairing and rebuilding the Premises within fourteen
(14) days from (a) the date of damage or destruction
(where the Premises are to be repaired and rebuilt by the Expected
Completion Date), or (b) the date Landlord notifies Tenant of  the
Revised  Expected Completion Date, as the case  may  be;  or  (ii)
Landlord  does not diligently repair and rebuild the  Premises  in
good and workmanlike manner; or (iii) Landlord does not completely
repair  and rebuild the Premises by the Expected Completion  Date,
or the Revised Expected Completion Date, as the case may be.

          Any  election by Tenant to terminate this Lease pursuant
to  the provisions of this section shall be without waiver of  any
other rights or remedies available to Tenant under this Lease,  at
law or in equity.

          (b)  RENT  ABATEMENT.  From  the  date  such  damage  or
destruction  occurs to the Premises to the date when  all  repairs
and  rebuilding  are  complete and Tenant  commences  reusing  the
Premises for the Intended Use, the rent and all other charges  due
under  this Lease shall be reduced by the same percentage  of  the
Premises  which,  in Tenant's judgment, cannot be economically  or
practically used for the Intended Use.

     13.  WAIVER OF SUBROGATION/INDEMNIFICATION.

   (a)  SUBROGATION. Landlord and Tenant agree that with respect to
any property loss which is covered by insurance then being carried
or  required  to be carried by them hereunder, the  one  suffering
such  loss  and  carrying  or required  to  carry  such  insurance
releases  the other of and from any and all claims, defense  costs
and  expenses  with  respect  to such loss.  Landlord  and  Tenant
further agree that each of their insurance policies (insuring  the
improvements,  in  the  case of Landlord,  and  Tenant's  personal
property,  in the case of Tenant) shall provide for an appropriate
waiver  of subrogation reflecting this release. Each party  shall,
within fifteen (15) days after request by the other party, deliver
to  such  other party a certificate of insurance and a receipt  of
insurance and a receipt evidencing that the insurance required  by
this  Lease  is  paid  in full and in full force  and  effect.  No
insurance required by this Lease shall be cancelable except  after
thirty  (30)  days  notice to Tenant and Landlord.  All  insurance
required  by  this  Lease  may be carried under  blanket  policies
maintained by the party required to maintain such insurance or may
be  carried under a combination of primary insurance and  umbrella
coverage. All insurance policies required by this Lease  shall  be
written  by solvent and responsible insurance companies authorized
to  do  business  in the state in which the Premises  are  located
which are well rated by national rating organizations.

  (b)  INDEMNIFICATION. Landlord agrees to indemnify and hold Tenant
harmless  from  and  against  any  and  all  claims,  liabilities,
damages,   causes   of  action,  costs  and  expenses,   including
reasonable  attorneys' fees, for personal injury, death,  property
damage,  and  other  losses occurring  in  or  as  the  result  of
Landlord's  operation of any common area, or arising  out  of  any
failure  of  the Landlord to perform any of its obligations  under
the  Lease,  or resulting from the acts or omissions of  Landlord,
its  agents, employees or contractors, excluding, however, damages
arising  solely  out of the negligence of the Tenant  or  Tenant's
employees, agents or contractors.

          Tenant agrees to indemnify and hold Landlord harmless
from and against any and all claims, liabilities, damages, causes
of action, costs and expenses, including reasonable
attorneys'  fees, for personal injury, death, property damage,  or
other  losses  occurring in the Premises, or arising  out  of  any
failure of the Tenant to perform any of its obligations under  the
Lease, or resulting from the acts or omissions of the Tenant,  its
agents,  employees  or  contractors,  excluding,  however,  damage
arising  sole out of the negligence of the Landlord, or Landlord's
employees, agents or contractors.

     14.  TENANT'S PROPERTY AND FIXTURES. Landlord hereby waives any
right to distraint and any Landlord's lien or similar lien on  all
personal  property  in  or  on  the Premises,  including  Tenant's
moveable  trade  fixtures,  furniture,  inventory  and  equipment,
whether owned by Tenant or any other person, and the same shall be
and remain the personal property of Tenant, exempt from the claims
of  Landlord  or  any mortgagee or lienholder of Landlord  without
regard  to  the means by which the same are installed or attached.
Tenant  may, at any time during the continuance of its tenancy  or
upon  vacating  the  Premises, remove all such personal  property,
including   Tenant's  moveable  trade  fixtures,   furniture   and
equipment,  which Tenant owns or may have installed or  placed  at
its own expense on the Premises or which it furnished and Landlord
installed.  If such removal damages any part of the Premises,  the
Tenant shall repair such damage.

     15.  ASSIGNMENT/SUBLETTING.

         (a)  TRANSFER. As used herein, a "Transfer" shall mean the
assignment of this Lease or the Transfer or the subletting of  all
or  any  part  of  the Premises by Tenant. Except as  provided  in
subsection  (b) below, Tenant may not effect or cause  a  Transfer
without  Landlord's written consent, which consent  shall  not  be
unreasonably withheld, conditioned or delayed.

     (b)  PERMITTED TRANSFERS. Notwithstanding anything to the contrary
contained in this Lease, without the Landlord's prior consent,
Tenant may:

              (i)  Transfer the Premises or any portion thereof to any
    "affiliate company". An "affiliate company " shall  mean,  for
    purposes of this subsection, any corporation, partnership or other
    business  entity under common control and ownership  with  the
    Tenant, or with the parent or any subsidiary of the Tenant  or
    Tenant's parent.

              (ii) Merge into or consolidate with any corporation.

          (iii)  Transfer the Premises, or any portion thereof, to any
    buyer of all or substantially all of the business operations of
    Tenant, provided that, as of the effective date of the Transfer,
    provided, however, such buyer shall be subject to all of the terms
    and conditions of this Lease.

      (iv) Transfer the Premises to any franchisee or licensee of the
    Tenant, provided however, such transferee shall be subject to all
    of the terms and conditions of this Lease

      (v)  Effectuate a Transfer in connection with the sale or transfer
    of all or any portion of the outstanding stock of Tenant.

          Tenant  agrees  to give Landlord written  notice  within
thirty  (30) days of any Transfer described in (b)(i) through  (v)
above. No Transfer described in (b)(i) through (v) shall be deemed
to  release  Tenant from any obligations under this  Lease  unless
specifically agreed to in writing by Landlord.

     16.  OMITTED.

     17.  DEFAULT.

    (a)  TENANT DEFAULT. If Tenant shall default in the payment of
rent  to  be  paid by Tenant under this Lease or in the compliance
with  any provision of this Lease and such default of Tenant shall
continue  uncured for fifteen (15) days in the case of a  monetary
default  or thirty (30) days in the case of a non-monetary default
after written notice thereof from the Landlord, then the Landlord,
by  giving written notice to Tenant, may either (i) terminate this
Lease,  or  (ii) re-enter the Premises by summary proceedings,  in
either  event, removing Tenant and removing all property from  the
Premises  and  re-renting the Premises at the best  possible  rent
obtainable, and receive the rent therefrom and apply such rent  to
the  Annual Rent and other charges due under this Lease; provided,
however, Tenant shall remain liable for the amount of all rent for
the  entire term of this Lease less the monies actually  collected
from  such re-renting which Landlord shall apply to rent and other
charges  due  under  this  Lease,  if  any.  Notwithstanding   the
foregoing,  in the case of a non-monetary default,  if  such  non-
monetary  default is not reasonably capable of being cured  within
the  original thirty (30) day period, then the period  for  curing
such default shall be extended for so long as Tenant is proceeding
with  reasonable diligence to cure such default. In no  event  may
Landlord accelerate or otherwise require Tenant to pay rent  prior
to the date such rent would otherwise be due.

          If a petition in bankruptcy shall be filed by Tenant, or
Tenant  shall  be adjudicated a bankrupt, or Tenant shall  make  a
general assignment for the benefit of creditors, or if due to  any
proceeding based upon the insolvency of Tenant, a receiver of  all
of  the  property of Tenant shall be appointed and  shall  not  be
discharged  within  sixty (60) days after such  appointment,  then
Landlord  may  terminate this Lease by giving  written  notice  to
Tenant  of  its intention to do so. Landlord shall use  reasonable
efforts  to  mitigate its damages upon a default by  Tenant  under
this Lease.

 (b)  LANDLORD DEFAULT. If Landlord defaults in the compliance with
any provision of this Lease and such default of Landlord continues
uncured  for thirty (30) days after written notice from Tenant  to
Landlord,  then,  in  addition to all other  rights  and  remedies
provided by law and in equity, Tenant shall have the right to cure
such default and offset the cost of such cure against the rent and
other charges due under this Lease. Notwithstanding the foregoing,
if  such  default is not reasonably capable of being cured  within
thirty (30) days, then the period for curing such default shall be
extended  for  so  long as Landlord is proceeding with  reasonable
diligence  to cure such default. If any such default  by  Landlord
continues  uncured for sixty (60) days after written  notice  from
Tenant,  then, in addition to its other rights, Tenant shall  have
the  right  to terminate this Lease by written notice to Landlord.
Nothing  contained in the foregoing provisions of this  subsection
shall limit Tenant's right to cure any default by Landlord
of its replacement, repair or maintenance obligations or the time
limit prescribed pursuant to the terms of this Lease within which
such cure can be effected.

          (c) GO-DARK/RECAPTURE. Landlord acknowledges that Tenant
shall  have no obligation to continuously operate in the Premises,
however,  should Tenant fail to continuously operate for a  period
of  ninety  (90) consecutive days, Landlord may, upon thirty  (30)
days' written notice to Tenant (the "Termination Date"), terminate
this  Lease,  unless Tenant, during such thirty (30)  day  period,
reopens   the  Premises  for  business.  In  the  event   Landlord
terminates  pursuant  to  this  provision,  the  Tenant  shall  be
responsible  for all Rent and other charges due under  this  Lease
through  the  Termination Date, and following termination,  Tenant
and  Landlord shall be released from any further obligations under
this Lease.

  18.  TENANT'S EXCLUSIVE USE/NON-DISTURBANCE. Landlord covenants
that  it will not (except as to the Premises) construct, lease  or
occupy,  or permit to be constructed, leased or occupied, a  farm,
ranch or feed retail store on any real property (collectively, the
"Property")  which  Landlord  (or  any  affiliate  or  partner  of
Landlord,  or any entity in which Landlord possesses an  interest)
owns,  now or during the Term of this Lease, within a twenty  (20)
mile  radius  of  the  Premises. The  covenants  and  restrictions
contained  in  this section are for the benefit of  the  Premises,
shall  run  with  the  Property and inure to  and  pass  with  the
Premises, and shall be binding upon any and all successive  owners
of  the Property herein restricted. Landlord covenants that in the
event  Landlord shall hereafter sell the Property or  any  portion
thereof,  or any interest therein, it will impose or cause  to  be
imposed in the documents of transfer a restriction preventing  and
prohibiting  the  grantee  or  any future  owner  from  using  the
Property  so  sold  in  violation of the foregoing  covenants  and
restrictions. At the request of Tenant, Landlord shall  record  an
instrument or instruments setting forth the covenants contained in
this  Section 18. Landlord covenants that in the event of a breach
of  the foregoing covenants and restrictions, it will use its best
efforts  to enforce such provisions. Notwithstanding the preceding
sentence,  in  the event a violation of any of the  covenants  and
restrictions set forth in this section continues for more than one-
hundred eighty (180) days, Tenant, in addition to any other rights
or  remedies under law it may have as a result of such  violation,
shall  have the option to terminate this Lease upon written notice
to Landlord whereupon this Lease and the tenancy created hereunder
shall cease.

  19.  SURRENDER OF PREMISES. At the expiration of the Term, Tenant
shall  leave  and  surrender  the  Premises  in  good  order   and
condition,  excepting  reasonable  wear  and  tear,  repairs   and
replacements required to be made by the Landlord and any  loss  or
damage  by fire, the elements, casualty and as otherwise  provided
herein.

  20.  HOLDOVER. Any holding over after the expiration of the Term
shall create a month-to-month tenancy at the Annual Rent specified
in  this Lease (pro-rated on a monthly basis), and shall otherwise
be  on the same terms and conditions as specified in this Lease as
far as applicable.

 21.  SATELLITE COMMUNICATIONS DISC AND EQUIPMENT. Landlord agrees
that during the term of this Lease, Tenant shall have the right to
install  a  satellite communications disc and  related  equipment.
Tenant  shall do so at its own cost and expense and in  accordance
with all
applicable laws, rules and regulations. Additionally, Tenant shall
defend, indemnify and hold Landlord harmless from and against  any
claims, costs or expenses incurred by Landlord as a result of such
installation  by  Tenant. If Tenant shall install such  equipment,
Tenant  shall  be  responsible  for  the  maintenance  and  repair
thereof,  at  Tenant's  sole  cost. At  the  expiration  or  other
termination of the Lease, said equipment shall remain the property
of  Tenant,  and  may be removed by Tenant, provided  that  Tenant
shall repair any and all damage caused by such removal.

  22.  SIGNS. Tenant shall have the right to install, maintain and
replace  on  the  Premises  Tenant's  standard  signs  and  logos,
including   the  installation  of  a  pylon  sign,   the   general
specifications  for  which are set forth  in  Exhibit  F  attached
hereto.  Landlord  warrants that the Permitted Exceptions  do  not
prohibit  Tenant's standard signs and logos. Tenant  shall  obtain
any  and  all  applicable permits from the locality in  which  the
Premises  are  located  for  the  installation,  maintenance   and
replacement of such signs and logos.

     23.  ENVIRONMENTAL.

 (a)  LANDLORD REPRESENTATIONS. Landlord warrants, represents and
covenants  that  there are no "Regulated Substances"  (as  defined
herein) in, on, or released or being released from under the land,
including, but not limited to, the Premises, and that the Premises
will  remain  in  that condition during the Term  of  this  Lease,
except  to the extent Tenant stores, sells or uses such substances
in  its  normal  course of business. "Regulated Substances"  shall
include  "hazardous waste", "hazardous substances",  "asbestos  or
asbestos    containing    materials",   "regulated    substances",
"petroleum", "polychlorinated biphenyls", and other substances  or
chemicals  regulated  pursuant to the Comprehensive  Environmental
Response,  Compensation, and Liability Act, 42 U.S.C.   9601-9675,
the  Solid  Waste  Disposal Act, 42 U.S.C.  69016991i,  the  Toxic
Substances   Control   Act,   15  U.S.C.    2601-2692,   and   the
regulations  promulgated  under those federal  statutes,  and  the
analogous  and  other  state environmental laws  and  regulations.
Landlord  specifically represents that there are  no  asbestos  or
asbestos  containing  materials in the  Premises.  Landlord  shall
comply  with  all  governmental requirements,  including,  without
limitation,   financial   responsibility/assurance   requirements,
relating to any underground storage tanks located in, on or  under
the Premises.

 (b)  LANDLORD INDEMNIFICATION. Landlord agrees to indemnify, hold
harmless  and  defend  Tenant from any and  all  claims,  damages,
fines,   judgments,   penalties,  costs,   liabilities   or   loss
(including,  without  limitation,  any  and  all  sums  paid   for
settlement of claims, attorneys' fees, consultant and expert fees)
arising  during or after the Term from or in connection  with  any
inaccuracy in or breach of any covenant, warranty, representation,
or obligation of Landlord set forth in this section.

 (c)  TENANT INDEMNIFICATION. Tenant shall not cause or permit any
Regulated  Substances to be used, stored, generated,  or  disposed
of,  on, in, or about the Premises, except in the ordinary  course
of  Tenant's  business  and  in compliance  with  applicable  law.
Nothing  in  this  section  shall be construed  to  hold  Landlord
responsible  for  the  activities  of  Tenant  or  for   Regulated
Substances  introduced into or onto the Premises  by  Tenant,  and
Tenant agrees to indemnify, hold harmless and defend Landlord from
any and all claims, damages, fines,
judgments,  penalties,  costs,  liabilities  or  loss  (including,
without  limitation,  any  sums paid  for  settlement  of  claims,
attorneys'  fees,  consultant and expert fees) arising  during  or
after  the  Term  and directly caused by Tenant's introduction  of
Regulated Substances into or onto the Premises.

    24.  MEMORANDUM. Landlord agrees that at any time on request of
the  Tenant,  it will execute a memorandum of lease (a "Memorandum
of Lease"), and Tenant shall be permitted to record the Memorandum
of  Lease, in the appropriate land records of the jurisdiction  in
which the Premises is located, at Tenant's option and expense.

    25.  NOTICES. Notices to Landlord and Tenant shall be sent by (a)
first  class mail, postage prepaid, registered or certified  mail,
return receipt requested, (b) hand delivery, or (c) overnight mail
service, addressed as follows:

    If to Landlord:CDK Associates, LLC
                    300 N. Dakota, Suite 400
                    Sioux falls, SD 57104
                    Attn: Les Kinstad, Managing Member

     If to Tenant:  Tractor Supply
                    Company 200 Powell
                    Avenue
                    Brentwood, TN 37027
                    Attn: Real Estate Department

    Copy to:        Sherrard & Roe, PLC
                    424 Church Street,
                    Suite 2000 Nashville,
                    TN 37219
                    Attn: Kim A. Brown, Esq.

    Notices  shall be deemed received (a) upon hand delivery,  (b)
the  next business day if overnight mail service is used,  or  (c)
when the return receipt is signed by the recipient, or its if  the
return  receipt  is  not  signed or delivery  refused,  three  (3)
business days after the sender has so deposited such notice  in  a
U.S. post office or any branch thereof. Either party may designate
a  substitute address from time to time, by notice sent in writing
in accordance with the provisions of this section.

    26.  WAIVER. The parties agree the failure of either party  to
insist upon strict observance of any of the terms or conditions of
this  Lease  at  any time shall not be deemed  a  waiver  of  such
party's right to insist upon strict observance thereafter.

    27.  ENTIRE AGREEMENT/SEVERABILITY. This is the entire agreement
and  understanding  between the parties,  written  or  oral,  with
respect  to  the  transaction  contemplated  by  this  Lease,  and
supersedes  any prior negotiations or understandings  between  the
parties. If any term, covenant or condition of this Lease  or  the
application  thereof  shall, to any extent,  be  held  invalid  or
unenforceable,  the  remainder of this Lease  or  the  application
thereof other than those to which
it is held invalid or unenforceable, shall not be affected thereby
and in each term this Lease shall be valid and enforced to the
fullest extent permitted by law.

     28.   CAPTIONS AND SECTION NUMBERS. The captions and  section
numbers  appearing in this Lease are inserted only as a matter  of
convenience  and  in no way define the scope  or  intent  of  such
sections of this Lease or in any way affect this Lease.

     29.  MODIFICATION. This Lease may not be modified in any manner
except by an instrument in writing executed by the parties hereto
or their respective successors in interest.

     30.  APPLICABLE LAW. This Lease shall be construed under the law
of the state in which the Premises are located.

     31.  RESERVED.

     32.  WAIVER OF JURY TRIAL; EXEMPLARY DAMAGES. All parties hereby
waive  their  rights to trial by jury with respect to any  dispute
arising  under this Agreement. No party shall be awarded  punitive
or  other  exemplary damages respecting any dispute arising  under
this Agreement.

     33.  ATTORNEYS' FEES. The unsuccessful party to any court or other
proceeding  arising  out  of  this  Agreement  shall  pay  to  the
prevailing party all reasonable attorneys' fees and costs actually
incurred by the prevailing party, in addition to any other  relief
to which it may be entitled.

     34.  NO PARTNERSHIP, ETC. This Agreement shall not be construed as
creating a joint venture, partnership, agency, employment
relationship or other enterprise between the parties.

     35.  COMMISSIONS. Landlord is represented by Les Kinstad, Managing
Member (the "Broker"). All fees and commissions due the Broker  in
connection with this Lease transaction shall be paid by  Landlord.
Landlord agrees to indemnify and hold Tenant harmless against  any
such  fees or commissions due the Broker (including all costs  and
attorneys  fees). Each party hereto represents and  warrants  unto
the  other  that there are no claims for commissions  or  finder's
fees  in  connection  with the negotiation or  execution  of  this
Lease,  except  amounts  due the Broker which  shall  be  paid  by
Landlord.  Each  party  agrees to indemnify  and  save  the  other
harmless  against all liabilities arising from any such claim  by,
through  or under said party (including, without limitation,  cost
of attorney's fees in connection therewith).

     36.  ESTOPPEL CERTIFICATE. Tenant shall, within ten (10) business
clays of a written request from Landlord, execute, acknowledge and
deliver to Landlord a statement in writing:
(i)  certifying that the Lease is unmodified and in full force and
effect  (or,  if modified, stating the nature of such modification
and  certifying that this Lease as so modified, is in  full  force
and  effect) and the date to which rent and other charges are paid
in advance, if any;
(ii) acknowledging that there are not, to Tenant's knowledge,  any
uncured  defaults on the part of Landlord hereunder, or specifying
such defaults, if any, are claimed; and (iii) such other items as
Landlord may reasonably request. Such statement shall run in favor
of and be in a form as may be reasonably acceptable to Landlord
and Tenant.

           (Remainder of Page Intentionally Left Blank)
     IN WITNESS WHEREOF, this agreement has been duly executed as
of the day and year first above written.

                              LANDLORD:

                              CDK ASSOCIATES LLC

                              By: /s/ Lester A Kinstad
                              Title: Managing Member
                              Fed I.D: 46-0463565

                              TENANT:

                              TRACTOR SUPPLY COMPANY,
                              a Delaware corporation

                              By: /s/ Clay Teter
                              Title: Vice President

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