Document:

FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
  

   
  

  
   THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made effective as of April 16, 2022 (the “Effective Date”) by and between AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP, a Minnesota limited partnership, as to an undivided 28% interest, and AEI INCOME & GROWTH FUND 25 LLC, a Delaware limited liability company, as to an undivided 72% interest, together as tenants-in-common  (collectively, “Seller”) and ERIC HERMAN and MATT LOVETT (collectively, “Buyer”).
  

   
  

  
   RECITALS
  

   
  

  
    
     A.
    

    
     Seller and Buyer entered into that certain Purchase and Sale Agreement dated March 3, 2022 (the “Agreement”).
    

  

   
  

  
    
     B.
    

    
     The parties desire to amend the terms of the Agreement as more particularly provided herein.
    

  

   
  

  
   NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree that, notwithstanding anything to the contrary contained in the Agreement, the Agreement shall be amended as set forth below.  Capitalized terms not defined herein shall have the same meaning assigned to them in the Agreement.
  

   
  

  
    
     1.
    

    
     Review Period.  The Review period shall end on May 25, 2022. 
    

  

   
  

  
    
     2.
    

    
     Closing.  Closing shall occur on or before May 30, 2022.
    

  

   
  

  
    
     3.
    

    
     Lease.  The parties acknowledge and agree the Lease referenced in Section 3 of the Agreement between Seller, as landlord, and The Music House, LLC and Ricardo A. Barclay, collectively as tenant, is no longer effective, and the Property will be conveyed at Closing free and clear of any existing leases or tenancies.
    

  

   
  

  
    
     4.
    

    
     Full Force and Effect.  Except as specifically amended herein, the Agreement remains in full force and effect and is hereby ratified by Seller and Buyer.  In the event that any of the terms or conditions of the Agreement conflict with this Amendment, the terms and conditions of this Amendment shall control.  Any references to the Agreement made in any closing documents or instruments delivered at closing shall be deemed to mean the Agreement as amended hereby.
    

  

   
  

  
    
     5.
    

    
     Counterparts.  This Amendment may be executed in any number of counterparts, all of which, when taken together, shall constitute one and the same instrument.  A facsimile or electronic copy of this Amendment shall be deemed an original for all relevant purposes.
    

  

   
  

   
  

  
   [SIGNATURE PAGE FOLLOWS]
  

  
     
    

    
     Page 1 of 2
    

    
     1600 S. Grand Hwy, Clermont, FL
    

    

  

  
   IN WITNESS WHEREOF, the Seller and Buyer have executed this Agreement to be effective as of the Effective Date.
  

   
  

  
   SELLER:
  

   
  

  
   AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP,
  

  
   a Minnesota limited partnership
  

   
  

  
    
     By: 
    

    
     AEI Fund Management XXI, Inc. 
    

  

  
   a Minnesota corporation
  

  
   its Corporate General Partner
  

   
  

   
  

  
   By: _/s/ Kyle Hagen_______________
  

  
   Name: Kyle Hagen
  

  
   Title: Chief Investment Officer
  

  
   Date: April 16, 2022
  

   
  

   
  

  
   AEI INCOME & GROWTH FUND 25 LLC,
  

  
   a Delaware limited liability company
  

   
  

  
    
     By: 
    

    
     AEI Fund Management XXI, Inc. 
    

  

  
   a Minnesota corporation
  

  
   its Managing Member
  

   
  

   
  

  
   By: _/s/ Kyle Hagen_______________
  

   Name: Kyle Hagen
  

  
   Title: Chief Investment Officer
  

  
   Date: April 16, 2022
  

   
  

  
   BUYER:
  

   
  

  
   ERIC HERMAN
  

   
  

   
  

  
   By: _/s/ Eric Herman_________________
  

  
   Name: Eric Herman
  

  
   Date: __April 18, 2022_______________
  

   
  

  
   MATT LOVETT
  

   
  

   
  

  
   By: ___/s/ Matt Lovett_______________
  

  
   Name: Matt Lovett
  

  
   Date: __April 18, 2022_______________
  

     
    

    
     Page 2 of 2
    

    
     1600 S. Grand Hwy, Clermont, FLSECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT
  

   
  

  
   THIS SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Second Amendment”) is made effective as of May 27, 2022 (the “Effective Date”) by and between AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP, a Minnesota limited partnership, as to an undivided 28% interest, and AEI INCOME & GROWTH FUND 25 LLC, a Delaware limited liability company, as to an undivided 72% interest, together as tenants-in-common (collectively, “Seller”) and ERIC HERMAN and MATT LOVETT (collectively, “Buyer”).
  

   
  

  
   RECITALS
  

   
  

  
    
     A.
    

    
     Seller and Buyer entered into that certain Purchase and Sale Agreement dated March 3, 2022 (the “Agreement”).
    

  

   
  

  
    
     B.
    

    
     Seller and Buyer entered into that certain First Amendment to Purchase and Sale Agreement dated April 16, 2022 (the “First Amendment”), which extended the Closing Date to May 30, 2022, among other things.
    

  

   
  

  
    
     C.
    

    
     The parties desire to amend the terms of the Agreement as more particularly provided herein.
    

  

   
  

  
   NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree that, notwithstanding anything to the contrary contained in the Agreement, the Agreement shall be amended as set forth below.  Capitalized terms not defined herein shall have the same meaning assigned to them in the Agreement.
  

   
  

  
    
     1.
    

    
     Review Period.  The Review period expired on May 25, 2022. 
    

  

   
  

  
    
     2.
    

    
     Closing Date.  Closing shall occur on or before June 10, 2022.
    

  

   
  

  
    
     3.
    

    
     Additional Earnest Money.  Within three (3) business days of the Effective Date of this Second Amendment, Buyer shall deposit an additional $25,000 of Earnest Money with the Escrow Agent.  The collective Earnest Money in the amount of $75,000 shall be nonrefundable except in the event of a Seller Default.
    

  

   
  

  
    
     4.
    

    
     Full Force and Effect.  Except as specifically amended herein, the Agreement remains in full force and effect and is hereby ratified by Seller and Buyer.  In the event that any of the terms or conditions of the Agreement conflict with this Amendment, the terms and conditions of this Amendment shall control.  Any references to the Agreement made in any closing documents or instruments delivered at closing shall be deemed to mean the Agreement as amended hereby.
    

  

   
  

  
    
     5.
    

    
     Counterparts.  This Amendment may be executed in any number of counterparts, all of which, when taken together, shall constitute one and the same instrument.  A facsimile or electronic copy of this Amendment shall be deemed an original for all relevant purposes.
    

  

   

  
  1

  

IN WITNESS WHEREOF, the Seller and Buyer have executed this Agreement to be effective as of the Effective Date.
  
 
  

  
   SELLER:
  

   
  

  
   AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP,
  

  
   a Minnesota limited partnership
  

   
  

  
    
     By: 
    

    
     AEI Fund Management XXI, Inc. 
    

  

  
   a Minnesota corporation
  

  
   its Corporate General Partner
  

   
  

   
  

  
   By: _/s/ Kyle Hagen_____________________
  

  
   Name: Kyle Hagen
  

  
   Title: Chief Investment Officer
  

  
   Date: May 27, 2022
  

   
  

   
  

  
   AEI INCOME & GROWTH FUND 25 LLC,
  

  
   a Delaware limited liability company
  

   
  

  
    
     By: 
    

    
     AEI Fund Management XXI, Inc. 
    

  

  
   a Minnesota corporation
  

  
   its Managing Member
  

   
  

   
  

  
   By: _/s/ Kyle Hagen_____________________
  

   Name: Kyle Hagen
  

  
   Title: Chief Investment Officer
  

  
   Date: May 27, 2022
  

   
  

  
   BUYER:
  

   
  

  
   ERIC HERMAN
  

   
  

   
  

  
   By: __/s/ Eric Herman________________
  

  
   Name: Eric Herman
  

  
   Date: __May 31, 2022________________
  

   
  

  
   MATT LOVETT
  

   
  

   
  

  
   By: __/s/ Matt Lovett_________________
  

  
   Name: Matt Lovett
  

 
   Date: __May 31, 2022________________
  

  2THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT
  

   
  

  
   THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Third Amendment”) is made effective as of June 10, 2022 (the “Effective Date”) by and between AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP, a Minnesota limited partnership, as to an undivided 28% interest, and AEI INCOME & GROWTH FUND 25 LLC, a Delaware limited liability company, as to an undivided 72% interest, together as tenants-in-common (collectively, “Seller”) and ERIC HERMAN and MATT LOVETT (collectively, “Buyer”).
  

   
  

  
   RECITALS
  

   
  

  
    
     A.
    

    
     Seller and Buyer entered into that certain Purchase and Sale Agreement dated March 3, 2022 (the “Agreement”).
    

  

   
  

  
    
     B.
    

    
     Seller and Buyer entered into that certain First Amendment to Purchase and Sale Agreement dated April 16, 2022 (the “First Amendment”), which extended the Closing Date to May 30, 2022, among other things.
    

  

   
  

  
    
     C.
    

    
     Seller and Buyer entered into that certain Second Amendment to Purchase and Sale Agreement, effective as of May 27, 2022 (the “Second Amendment”), by which the parties extended the Closing Date to June 10, 2022.
    

  

   
  

  
    
     D.
    

    
     The parties desire to amend the terms of the Agreement as more particularly provided herein.
    

  

   
  

  
   NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree that, notwithstanding anything to the contrary contained in the Agreement, the Agreement shall be amended as set forth below.  Capitalized terms not defined herein shall have the same meaning assigned to them in the Agreement.
  

   
  

  
    
     1.
    

    
     Closing Date.  Closing shall occur on or before June 30, 2022.
    

  

   
  

  
    
     2.
    

    
     Additional Earnest Money.  Within three (3) business days of the Effective Date of this Third Amendment, Buyer shall deposit an additional $25,000 of Earnest Money with the Escrow Agent.  The collective Earnest Money in the amount of $100,000 shall be nonrefundable except in the event of a Seller default.
    

  

   
  

  
    
     3.
    

    
     Full Force and Effect.  Except as specifically amended herein, the Agreement remains in full force and effect and is hereby ratified by Seller and Buyer.  In the event that any of the terms or conditions of the Agreement conflict with this Amendment, the terms and conditions of this Amendment shall control.  Any references to the Agreement made in any closing documents or instruments delivered at closing shall be deemed to mean the Agreement as amended hereby.
    

  

   
  

  
  1

  

  
    
     4.
    

    
     Counterparts.  This Amendment may be executed in any number of counterparts, all of which, when taken together, shall constitute one and the same instrument.  A facsimile or electronic copy of this Amendment shall be deemed an original for all relevant purposes.
    

  

   
  

   
  

  
   [SIGNATURE PAGE FOLLOWS]
  

   
  

   
  

  
   [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]
  

  
  1

  

  IN WITNESS WHEREOF, the Seller and Buyer have executed this Agreement to be effective as of the Effective Date.
  
 
  

  
   SELLER:
  

   
  

  
   AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP,
  

  
   a Minnesota limited partnership
  

   
  

  
    
     By: 
    

    
     AEI Fund Management XXI, Inc. 
    

  

  
   a Minnesota corporation
  

  
   its Corporate General Partner
  

   
  

   
  

  
   By: __/s/ Kyle Hagen___________________
  

  
   Name: Kyle Hagen
  

  
   Title: Chief Investment Officer
  

  
   Date: June 9, 2022
  

   
  

   
  

  
   AEI INCOME & GROWTH FUND 25 LLC,
  

  
   a Delaware limited liability company
  

   
  

  
    
     By: 
    

    
     AEI Fund Management XXI, Inc. 
    

  

  
   a Minnesota corporation
  

  
   its Managing Member
  

   
  

   
  

  
   By: __/s/ Kyle Hagen___________________
  

   Name: Kyle Hagen
  

  
   Title: Chief Investment Officer
  

  
   Date: June 9, 2022
  

   
  

  
   BUYER:
  

   
  

  
   ERIC HERMAN
  

   
  

  
   By: __/s/ Eric Herman________________
  

  
   Name: Eric Herman
  

  
   Date: __June 9, 2022_________________
  

   
  

  
   MATT LOVETT
  

   
  

  
   By: __/s/ Matt Lovett________________
  

  
   Name: Matt Lovett
  

   
Date: __June 9, 2022_________________
  

 
  2

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