Document:

exv10w4

 

Exhibit 10.4

Kaiser Aluminum Corporation

2008 -2010 Long-Term Incentive Program

Summary of Management Objectives and

Formula for Determining Performance Shares Earned

	 	 	 	 	 
	Management Objective:	 	The applicable Management Objective (as defined in the Company’s Amended
and Restated 2006 Equity and Performance Incentive Plan (the “Plan”)) is
average economic value added (“EVA”) for 2008, 2009 and 2010 (“Average
2008-2010 EVA”). For each such year, EVA will equal (1) pre-tax
operating income for such year (“PTOI”) less (2) a percentage of net
assets as of the end of the immediately preceding year as specified by
the Committee (as defined in the Plan) (“Net Assets”).

	 
	 	 	 	 
	 
	 	In determining EVA for a particular year:
	 
	 	 	 	 
	 	 	(1) Net Assets will equal total assets less total liabilities, subject to
adjustments to:
	 
	 	 	 	 
	 

	 	•
	 	Remove the Company’s primary aluminum segment;
	 
	 	 	 	 
	 

	 	•
	 	Remove discontinued operations;
	 
	 	 	 	 
	 

	 	•
	 	Eliminate fresh start adjustments;
	 
	 	 	 	 
	 

	 	•
	 	Eliminate assets and liabilities of voluntary employee
beneficiary associations;
	 
	 	 	 	 
	 

	 	•
	 	Exclude financing items;
	 
	 	 	 	 
	 

	 	•
	 	Exclude capital expenditures in progress;
	 
	 	 	 	 
	 

	 	•
	 	Add capitalized value of long-term leases;
	 
	 	 	 	 
	 

	 	•
	 	Add prorated value of capital projects and acquisitions larger
than 1% of prior year Net Assets; and
	 
	 	 	 	 
	 

	 	•
	 	Address other items as recommended by the Company’s Chief
Executive Officer and approved by the Committee; and
	 
	 	 	 	 
	 	 	(2) PTOI will be adjusted to:

 

	 	 	 	 	 
	 

	 	•
	 	Exclude LIFO adjustments;
	 
	 	 	 	 
	 

	 	•
	 	Add back depreciation associated with step-down in property,
plant and equipment resulting from the implementation of fresh start
accounting;
	 
	 	 	 	 
	 

	 	•
	 	Amortize the following non-recurring activities over 36 months if
the value exceeds one percent of Net Assets:
	 
	 	 	 	 

	 	 	 	 	 
	 

	 	•
	 	Restructuring charges;
	 
	 	 	 	 
	 

	 	•
	 	Gains or losses resulting from asset dispositions;
	 
	 	 	 	 
	 

	 	•
	 	Labor stoppage costs; and
	 
	 	 	 	 

	 	 	 	 
	 

	•
	 	Asset impairment charges; and
	 
	 	 	 
	 

	•
	 	Address other items as recommended by the Company’s Chief
Executive Officer and approved by the Committee. 
	 
	 

	
The threshold Average 2008-2010 EVA (at which no Performance Shares (as
defined in the Plan) granted would be earned) is zero, the target Average
2008-2010 EVA (at which one-half of the Performance Shares granted would
be earned) is an amount specified by the Committee (“Target Average
2008-2010 EVA”), and the maximum Average 2008-2010 EVA (at or above which
all Performance Shares granted would be earned) is twice the Target
Average 2008-2010 EVA.
	 
	 	 	 
	Determination of
Number 
	The number of Performance Shares which are earned will be determined as
follows:
	of
Performance Shares 

	 	 	 
	Which Are Earned:

	•
	 	Following the end of each of 2008, 2009 and 2010, the Committee will certify EVA for such year
based on the company’s audited historical financial statements.
	 
	 	 	 
	 

	•
	 	Following the end of 2010, the Committee will also certify (1)
the Average 2008-2010 EVA and (2) Average 2008-2010 EVA as a percentage
of Target Average 2008-2010 EVA (the “Payout Multiplier”).
	 
	 	 	 
	 

	•
	 	The number of Performance Shares which are earned will equal the
product (rounded up to the nearest whole number) of (1) one-half of the
number of Performance Shares granted (the “Target Performance Shares”)
and (2) the Payout Multiplier; provided, however, such number will not
exceed the number of Performance Shares granted.
	 
	 	 	 
	 	The Committee will certify the Average 2008-2010 EVA and the Payout
Multiplier not later than March 15, 2011.

2Marcus & Millichap

                        REAL ESTATE SALES CONTRACT

THIS DOCUMENT IS MORE THAN A RECEIPT FOR MONEY. THIS DOCUMENT IS INTENDED
TO BE A LEGALLY BINDING CONTRACT. READ IT CAREFULLY.

Seller is AEI Net Lease Income & Growth Fund XX Limited Partnership and AEI
Income & Growth Fund XXII Limited Partnership which both own a 50% interest
in  the  fee  simple  title  to  the  CHAMPP'S  AMERICANA  RESTAURANT  (the
"Property")  located  at 9424 Civic Center Blvd, in the  Township  of  West
Chester,  County of Butler, State of Ohio, and more particularly  described
in  the legal description annexed hereto in Exhibit "A"  . Buyer is Jeffrey
Greene and/or assigns.

Upon   acceptance  Land  America  Commercial  Services  Attn:  Allen  Brown
("Escrow/Title/Closing  Agent") has received from  Buyer  the  sum  of  one
hundred fifty thousand dollars ($150 , 000) in the form of a wire transfer.
This  sum  is a deposit ("Deposit") to be applied to the purchase price  of
the Property.

The Property shall also include Seller's interests in:

   1. Any and all privileges and appurtenances pertaining to the Property,
      including any right, title and interest of Seller in or to adjacent
      streets, alleys or right(s)-of-way;

   2. Any and all leases, licenses, occupancy agreements, permits, rents,
      warranties, guarantees or security deposits with respect to the
      Property, or any portion thereof;

                           TERMS AND CONDITIONS

For the mutual covenants contained in this Real Estate Sales Contract
("Agreement"), Seller agrees to convey the Property to Buyer, and Buyer
agrees to purchase the Property from Seller, on the following terms and
conditions:

1) PURCHASE PRICE: The total purchase price for the Property is four
   million two hundred ninety-four thousand dollars ($4,294,000) ("Purchase
   Price").

2) DEPOSIT: Buyer will deposit one hundred fifty thousand ($150,000)  in
   the form of a wire transfer with the Escrow/Title/Closing Agent (a) Deposit
   shall be applied on purchase price or returned to Buyer when transaction is
   closed; (b) if Seller fails or refuses to perform, or if the Property is
   made unmarketable by Seller, or by Acts of God, or any contingency is not
   satisfied  or waived, the Deposit shall be returned; however,  once  the
   contingencies set forth in paragraph(s) 5; 6; 6.1; 7; 7.1, 7.2; 7.3  are
   removed,  Buyer's Deposit shall be nonrefundable; (c) if Buyer fails  or
   refuses to perform, this Deposit shall be paid to Seller. If the parties
   are  unable to agree upon the disposition of the Deposit, then upon  the
   request of either Buyer or Seller for the return or payment of the Deposit,
   the  Closing Agent holding the Deposit shall give written notice to  the
   other party of such request, and shall advise the other party that  such
   Deposit shall be returned or paid in accordance with such request unless
   the  other party delivers written objection thereto within 20 days after
   receipt of such notice. If the Closing Agent does not receive any written
   objection within such 20-day period, then the Closing Agent shall return or
   pay  such  Deposit in accordance with such request. If the  other  party
   objects in writing within such 20-day period, Closing Agent shall retain
   the  Deposit  until (i) Buyer and Seller have settled the dispute;  (ii)
   disposition has been ordered by a final court order; or (iii) Closing Agent
   deposits said amount with a court pursuant to applicable court procedures.
   The return or payment of such Deposit shall not in any way prejudice the
   rights of Seller, Buyer or Closing Agent(s) in any action for damages or
   specific performance.

3)    CLOSING  DATE:  The, completion of this Agreement and  close  of  the
   transaction  hereunder shall take place at the office  of  Land  America
   Commercial Services Attn: Allen Brown ("Closing Agent") located at 1850 N.
   Central Avenue, Suite 300 Phoenix, AZ 85004, unless otherwise agreed  in
   writing  by  Buyer  and Seller. Within three (3) calendar  days  of  the
   Effective Date of this Agreement, as defined in paragraph 33 below, Seller
   and  Buyer  agree to prepare, execute and cause to be delivered  to  the
   Closing Agent such instructions and other documents as may be necessary
   and appropriate to complete this Agreement and close the transaction.
   Should the instructions or other closing documents, if any, fail to be
   executed or delivered  as required, Closing Agent shall, and hereby is,
   directed  to close  the  transaction  pursuant to the terms and
   conditions of this Agreement. "Closing Date" shall mean the date on which
   the  document(s) transferring  title  to  the Property to Buyer or Buyer's
   designee is recorded, which shall occur on or before February 24, 2008. All
   closing costs shall be paid in accordance with the following

 A) Seller's closing costs
     i)   Title insurance for the premium for a base owners policy without
          special endorsements
     ii)  Conveyance/Transfer tax fees for Butler County
     iii) Search & Exam: $500
     iv)  Commitment Fee: $100
     v)   Overnight/Delivery Fees $25

 C) Buyer & Seller Split costs
     ix)  Closing fee: $750
     x)   Document Delivery: $200

    On or before the Closing Date, both Buyer and Seller shall prepare and
    exchange executed Real Estate Transfer Declarations.

4)  TAXES AND ASSESSMENTS: A). Because the Property is subject to  a  net
    lease,  the parties acknowledge that there shall be no need for a  real
    estate tax proration. However, Seller warrants that all real estate taxes
    and installments of special assessments due and payable in all years prior
    to the year of Closing have been paid in full. Unpaid real estate taxes
    and unpaid levied and pending special assessments existing on the date of
    Closing shall be the responsibility of Buyer, pro-rated, however, to the
    date  of  closing for the period prior to closing, which shall  be  the
    responsibility of Seller if Tenant shall not pay the same. Buyer  shall
    likewise pay all taxes due and payable in the year after Closing and any
    unpaid  installments  of  special  assessments  payable  therewith  and
    thereafter, if such unpaid levied and pending special assessments and
    real estate taxes are not paid by any tenant of the Property.

    (B). All income, including rent and all operating expenses from the
    Property, if any that are not paid by the tenant, shall be prorated
    between the parties and adjusted by them as of the date of Closing.
    Seller shall be entitled to all income earned, and shall be
    responsible for all expenses incurred, prior to the date of Closing.
    Buyer shall be entitled to all income earned and shall be responsible
    for all operating expenses of the Property incurred on and after the
    date of closing.

5)  TITLE: Within five (5) calendar days after the Effective Date of this
    Agreement, Seller shall order to be furnished at Seller's expense, to
    Buyer a title commitment and policy for an owner's policy of title
    insurance [ALTA  Form B (1992 Rev. 10-17-92)] ("Commitment") to be
    issued at the Closing Date by Land America Commercial Services Attn:
    Allen Brown (the "Title Company") through the Closing Agent for the
    Property. The title evidence shall be certified to within thirty (30)
    days prior to closing with endorsement not before 8:00 a. m. on the
    business day prior to the date of closing, all in accordance with the
    standards of the local Bar Association, and shall show in Seller
    marketable title in fee simple free and clear of all liens and
    encumbrances except: (a) those created by or assumed by Buyer;
    (b) those specifically set forth in this contract; (c) zoning
    ordinances; (d) legal highway and (e) covenants,  restrictions,
    conditions and easements of record that do not unreasonably interfere
    with present lawful use, (or Buyer's intended use which is investment
    property).   Buyer shall pay any additional costs incurred in
    connection with mortgage title insurance issued for the protection of
    Buyer's lender. Within twenty (20) calendar days following receipt
    thereof, Buyer shall either approve in writing the exceptions
    contained in said Commitment or specify in writing any exceptions
    which may interfere with Buyer's intended use of the Property. If
    Buyer objects to any exceptions, Seller shall, within five (5)
    business days after receipt of Buyer's objections, deliver to Buyer
    written notice that either (i) Seller will, at Seller's expense,
    attempt to remove the exception(s) to which Buyer has objected
    before the Closing Date or (ii) Seller is unwilling or unable to
    eliminate said exception(s). If Seller fails to so notify Buyer
    or is unwilling or unable to remove any such exception by the
    Closing Date, Buyer may either (i) elect to terminate this Agreement
    and receive back the entire Deposit, in which event Buyer and Seller
    shall have no further obligations under this Agreement; or,
    alternatively, (ii) Buyer may elect to purchase the Property  hereunder
    subject to such exception(s). Any survey, as may be required by any
    lender or Title Company, shall be paid for by Buyer.

    Seller  shall  convey to Buyer (or to such other person  or  entity  as
    Buyer  may specify) marketable fee title by Limited or Special Warranty
    Deed  to  the  Property  subject only to  the  exceptions  approved  or
    accepted  by  Buyer in accordance with this Agreement. Title  shall  be
    insured by a fee owner's policy of title insurance acceptable to  Buyer
    issued  by  the Title Company in the amount of the purchase price  with
    the  premium paid by Seller. On the Closing Date, Seller shall sign  an
    affidavit  with respect to off-record title matters in accordance  with
    the community custom.

6)   FINANCING CONTINGENCIES:

6.1)  NEW  FIRST  LOAN:  Buyer shall use Buyer's best efforts,  at  Buyer's
    expense,  to obtain a new first loan ("First Loan") acceptable  to  the
    buyer.  First  Loan  shall be secured by a new first  mortgage  on  the
    Property. Buyer shall submit a written application to obtain First Loan
    to  a  bona  fide lender within TEN(10) calendar days of the  Effective
    Date  and  shall  comply with lender's application requirements.  Buyer
    shall  authorize said lender to disclose to Agent and Seller the status
    of  the  loan  application review and approval upon request.  If  Buyer
    fails  to  apply as required hereinabove, or if Buyer fails  to  notify
    Seller  in writing that Buyer has obtained the First Loan within thirty
    (30)  calendar days of the Effective Date, this Agreement shall be null
    and void, and all Deposits shall be returned to Buyer. Seller shall pay
    any  pre-payment penalties, if any, on any existing financing of Seller
    not taken subject to or assumed by Buyer.

7)   INSPECTION CONTINGENCIES:

7.1) BOOKS AND RECORDS. Seller agrees to provide Buyer with the items
    listed below within five (5) calendar days following the Effective
    Date:

    a.   Net Lease Agreement dated December 6, 2002.
    b.   Guarantee of the Net Lease dated December 6, 2002.
    c.   First Amendment to Net Lease dated January 1, 2004.
    d.   Phase 1 Environmental & Soil Report dated October 24 2002
    within  this time period or advises Buyer that it will not correct  any
    disapproved  item, Buyer will have three (3) calendar  days  to  notify
    Seller  either that it is waiving the disapproved item. Buyer's failure
    to  waive  any  disapproved  item will cause  this  transaction  to  be
    canceled and Buyer's deposit will be immediately refunded to Buyer.

7.2)  INSPECTION  OF  PROPERTY: Within fifteen (15) calendar  days  of  the
    Effective  Date, Buyer shall inspect and approve the "AS IS"  condition
    of  the Property, including, but not limited to its physical condition,
    the  quality of any construction, the soil conditions, and the presence
    or absence of lead-based paint or other hazardous materials on or about
    the  Property, and to notify the Seller in writing that Buyer  approves
    the  "AS  IS" condition of the Property. Buyer fails to timely  approve
    the  condition  of the Property, this Agreement shall be rendered  null
    and void, Buyer and Seller shall have no further obligations under this
    Agreement, and all Deposits shall be returned to Buyer.

7.3)  COMPLIANCE  WITH LAWS: Within fifteen calendar days of the  Effective
    Date,  Buyer shall investigate and notify Seller in writing of  Buyer's
    acceptance  and  approval  of the Property's compliance  with  Federal,
    State  and local laws and ordinances including but not limited  to  any
    environmental  information,  access,  safety  standards,  or   retrofit
    requirements as a condition of sale or transfer. If approved by  Buyer,
    Buyer  shall comply with and pay for these compliance requirements.  If
    Buyer fails to timely approve any compliance requirement, if any,  this
    Agreement shall be rendered null and void, Buyer and Seller shall  have
    no further obligations hereunder, and all Deposits shall be returned to
    Buyer.

8)  ESTOPPEL  CERTIFICATES  (Commercial Leased  Properties):  Seller  shall
    obtain  and  deliver to Buyer, within seven (7) calendar  days  of  the
    anticipated Closing Date set forth in paragraph 3, estoppel letters  or
    certificates  from  each  tenant, licensee or  other  occupant  at  the
    Property  stating: (a) the date of commencement and the scheduled  date
    of  termination of their lease, license or occupancy agreement; (b) the
    amount  of  any  advanced payments, rents and  rent  deposits  paid  to
    Seller;  (c)  the  amount of monthly (or other  periodic)  payments  to
    Seller; (d) that the lease, license or other occupancy agreement is  in
    full  force  and  effect and that there have been no  modifications  or
    amendments  thereto,  or,  if  there have  been  any  modifications  or
    amendments, a complete explanation of same; (e) the approximate  square
    footage  of the space within the Property they occupy (if set forth  in
    any agreement); and (f) that there is no default under the terms of the
    lease,  license  or  other occupancy agreement by  Seller  or  Seller's
    agents.  Buyer shall have five (5) calendar days after receipt  of  the
    estoppel  letters or certificates to approve the same. Buyer  may  only
    disapprove  said  estoppel letters and certificates,  and  cancel  this
    Agreement,  if the letters and certificates: (i) reflect a  discrepancy
    from  any  documentation  previously provided by  Seller,  not  already
    discovered  by  Buyer,  and materially affects the  economics  of  this
    Agreement, or, (ii) reveal a previously undisclosed material breach  of
    one  of  the leases, licenses or other occupancy agreements. Upon  such
    reasonable disapproval, this Agreement shall be rendered null and void,
    Buyer  and Seller shall have no further obligations hereunder, and  all
    Deposits shall be returned to Buyer.

11)  LEAD-BASED PAINT HAZARDS (Property With 4 or More Residential Units
    Only): N/A Intentionally Deleted

12)  PERSONAL PROPERTY: N/A Intentionally Deleted

13) BUYER  EXCHANGE:  Seller agrees to cooperate should  Buyer  elect  to
    purchase the Property as part of a like-kind exchange under IRC Section
    1031.  Buyer's contemplated exchange shall not impose upon  Seller  any
    additional liability or financial obligation, and Buyer agrees to  hold
    Seller harmless from any liability that might arise from such exchange.
    This Agreement is not subject to or contingent upon Buyer's ability  to
    dispose of its exchange property or effectuate an exchange. In the event
    any  exchange contemplated by Buyer should fail to occur, for  whatever
    reason,  the  sale of the Property shall nonetheless be consummated  as
    provided herein.

14) "AS  IS" CONDITION OF PROPERTY: Buyer and Seller understand and agree
    that  the Property is being conveyed to Buyer hereunder in its "AS  IS"
    condition. Seller acknowledges and Buyer agrees that Buyer has, or will
    have, inspected and approved the Property in its "AS IS" condition prior
    to the Closing Date. Buyer further acknowledges and agrees that Seller
    has not made or makes any representation or warranty of any kind including
    but not limited to the condition or value of the Property, or its
    suitability for Buyer's intended use, upon which Buyer is relying in
    executing  this Agreement and purchasing the Property hereunder. Buyer
    acknowledges and agrees that Buyer shall perform any and all due diligence
    required by Buyer to purchase the Property in its "AS IS" condition under
    this Agreement.

                                                         Buyer's  Initials:
                                                         /s/

15) RISK  OF LOSS: Risk of loss to the Property shall be borne by  Seller
    until title has been conveyed to Buyer or Buyer's designee. In the event
    that the improvements on the Property are destroyed or materially damaged
    between the Effective Date of this Agreement and the Closing Date, Buyer
    shall have the option of demanding and receiving back the Deposit, with
    the parties being released from all obligations of this Agreement, or,
    alternatively, taking such improvements as Seller can deliver. Upon
    Buyer's removal of all inspection contingencies set forth in this
    Agreement relating to the condition of the Property, Seller shall maintain
    the Property through the Closing Date in substantially the same condition
    and repair as approved by Buyer, reasonable wear and tear excepted.

16) POSSESSION: Possession of the Property shall be delivered to Buyer on
    the Closing Date, subject to any and all existing possession rights of
    any tenants, invitees, licensees or other occupants, if any.

17) LIQUIDATED DAMAGES/NON-REFUNDABLE DEPOSIT UPON CONTINGENCY REMOVAL:
    Upon the removal increased by the terms hereof) as liquidated damages,
    which shall be Seller's sole and exclusive remedy in law or at equity
    for Buyer's default.

18) APPROPRIATION.  If  appropriation  proceedings  should  be  commenced
    against the Property or if any governmental authority should notify Seller
    of  its  intention to acquire the same pursuant to the power of eminent
    domain prior to the Closing, then Seller shall notify Buyer thereof. In
    such event, Buyer shall have the right, at its option: (i) to proceed with
    the transaction by giving to Seller written notice thereof, in which event
    Buyer shall have the right to negotiate with and sell to such governmental
    authority or to contest such appropriation in litigation proceedings, and
    shall be entitled to all proceeds thereof, and Seller shall convey  the
    Property subject to such proceedings and shall receive the Purchase Price
    specified in this Agreement on the Closing Date; or (ii) to terminate this
    Agreement  by giving to Seller written notice of such termination.  The
    election of Buyer shall be exercised by written notice given to  Seller
    within  10 days after Seller has given to Buyer written notice of  such
    governmental  action. The failure by Buyer to so  notify  Seller  shall
    constitute an election to proceed with the transaction.

19)  OTHER BROKERS. Buyer and Seller agree that no broker other than Marcus
    &  Millichap  is involved in this sale. Seller agrees to pay  Marcus  &
    Millichap according to Seller's separate agreement with Marcus& Millichap;
    other than the foregoing, each party agrees to pay the fees of any broker
    claiming a commission by or through the representation of such party, and
    shall hold the other party harmless from such claims.

20) SUCCESSORS & ASSIGNS: This Agreement and any addenda hereto shall be
    binding upon and inure to the benefit of the heirs, successors, agents,
    representatives and assigns of the parties hereto.

21) ATTORNEYS' FEES: In any dispute arising out of this Agreement or  the
    transaction contemplated herein, the prevailing party shall be entitled to
    recover its reasonable attorneys' fees, experts' fees and costs, including
    costs of arbitration or other legal proceeding, in addition to any other
    relief to which the prevailing party may be entitled.

22)  TIME: Time is of the essence of this Agreement.

23) NOTICES: All notices required or permitted hereunder shall be given to
    the parties in writing (with a copy to Agent) at their respective
    addresses as set forth below, unless otherwise agreed by the parties.
    Should the date upon which any act required to be performed by this
    Agreement fall on a Saturday, Sunday or holiday, the time for
    performance shall be extended to 5:00 p.m. the next business day.

24) FOREIGN INVESTOR DISCLOSURE: Seller and Buyer agree to  execute and
    deliver any instrument, affidavit or statement, and to perform any act
    reasonably necessary to carry out the provisions of the Foreign Investment
    in Real Property Tax Act and regulations promulgated thereunder.

25) ADDENDA: Any future modification of this Agreement will be effective
    only if in the form of an addenda to this Agreement, in writing, signed by
    the party(ies) to be charged.

26) ACCEPTANCE AND EFFECTIVE DATE: Buyer's signature hereon constitutes an
    offer  by  Buyer to acquire the Property from Seller on the  terms  and
    conditions set forth herein, and acknowledges Buyer's receipt of a copy of
    this offer. Unless acceptance hereof is made by Seller's execution of this
    Agreement and delivery of a fully executed copy to Buyer or Buyer's agent,
    either  in  person or by mail at the address shown below, on or  before
    January 25,  2008, this offer shall be null and void, the Deposit shall be
    returned to Buyer, and neither Seller nor Buyer shall have any  further
    rights or obligations hereunder. Delivery shall be effective upon personal
    delivery  to  Buyer, if any, or, if by mail, on the next  business  day
    following  the date of postmark. The "Effective Date" of this Agreement
    shall be the later of (a)the date on which Seller executes this Agreement,
    or (b) the date of written acceptance (by either Buyer or Seller) of the
    final counter-offer submitted by the other party.

    This Agreement may be executed in counterparts, and transmitted by
    facsimile by and to the parties, and each such counterpart shall be
    deemed an original, and all of them together shall constitute a single
    instrument.

27) GOVERNING LAW: This Agreement shall be governed by and construed in
    accordance with the laws of the State of Ohio.

28) NON-DISCRIMINATION: Buyer and Seller acknowledge that it is illegal
    for either Seller, Buyer or Agent to refuse to lease or sell to any person
    on the basis of, without limitation, race, color, religion, national
    origin, sex, age, marital status or physical disability.

29) INTEGRATION  AND  SURVIVAL:  This  Agreement  contains  the   entire
    understanding and agreement between the parties concerning the  subject
    matter herein, and supersedes any and all prior agreements,
    understandings, promises, representations and warranties, whether written
    or oral, between the parties, concerning the subject matter hereof.
    Should any provision of this Agreement or portion thereof be deemed
    illegal, invalid or otherwise unenforceable, then to the maximum
    extent permitted by law, the remainder of the Agreement shall remain
    valid and binding as between the parties.

30) COUNTERPARTS: This Agreement may be executed simultaneously in two or
    more counterparts, each of which shall be deemed an original but all
    of which together shall writing within 24 hours of receipt of any
    election by Tenant either to waive or exercise its right of first
    refusal as to this transaction.

    Upon expiration of Tenant's right of first refusal, Seller shall
    provide Buyer with a written representation that Tenant has not timely
    or properly exercised such right, or the terms of Tenant's waiver.

THE  PARTIES  ARE  ADVISED  TO  CONSULT  WITH  THEIR  RESPECTIVE  ATTORNEYS
CONCERNING  THE LEGAL EFFECT AND VALIDITY OF THIS AGREEMENT  PRIOR  TO  ITS
EXECUTION.  The undersigned Buyer hereby offers and agrees to  acquire  the
Property for the Purchase Price and upon the terms and conditions  of  this
Agreement.  This  offer is made by Buyer to Seller on  this  22nd   day  of
January, 2008.

BUYER:  Jeff Greene, and/or Assignee    ADDRESS:    8491 West Sunset Blvd
                                                    Suite 497
                                                    West Hollywood, CA  90069

SIGNED: /s/ Jeff Greene 1/22/08

DATE:                                   TELEPHONE:  323.462.3900

SELLER:  AEI Net Lease Income & Growth  ADDRESS:    1300 Wells Fargo Place
         Fund XX Limited Partnership, by
         its General Partner
         AEI Fund Management XX, Inc.
         Robert P Johnson, President                30 East Seventh Street
                                                    St. Paul, MN  55101

SIGNED:  Robert P Johnson, Preident

DATE:    /s/ Robert P Johnson 1/25/08   TELEPHONE:  651.227.7333

SELLER:  AEI Income & Growth Fund XXII  ADDRESS:    1300 Wells Fargo Place
         Limited Partnership, by                    30 East Seventh Street
         its General Partner                        St. Paul, MN  55101
         AEI Fund Management XXI, Inc.
         Robert P Johnson, President

SIGNED:  Robert P Johnson, Preident

DATE:    /s/ Robert P Johnson 1/25/08   TELEPHONE:  651.227.7333

                                  EXHIBIT A
                             LEGAL DESCRIPTION

                               2.009 ACRES

  Situated in the State of Ohio, County of Butler, Township of West Chester,
located in Section 27, Township 2, Range 2, between the Miami Rivers and
being out of that 98.914 acre tract as conveyed to Cincinnati Specialty
Center, LLC by deed of record in Official Record 6694, Page 273 (all
references refer to the records of the Recorder's Office, Butler County,
Ohio) and more particularly bounded and described as follows:

  Beginning for reference, at a mag nail set in the centerline of Allen Road
at the common corner of Section 26, 27, 32 and 33, being the southwesterly
corner of 98.914  acre tract, and being the southeasterly corner of
Parcel II as conveyed to Beaver Creek partners, LLc by deed of record in
Official Record 6359, Page 924;

  thence North 05 06' 53" East, with the common line between Sections 27
and 33, being the easterly line of said Parcel II and the easterly line of
Parcel 1 of said Beaver Creek Partners, being the westerly line of said
98.914 acre tract, a distance of 2133.10 feet to an iron pin set in the
easterly right-of-way line of Interstate 75, being the easterly line of
that 12.719 acre tract as conveyed to the Butler County Transportation
Improvement District of record in Official Record 6109, Page 2259;

  thence with said right-of-way line, the easterly line of said 12.719
acre tract, the following courses and distances:

      North 58 09' 07" East, a distance of 338.02 feet to an iron pin set;

      North 67 42' 19" East, a distance of 385.01 feet to an iron pin set;

      North 60 16' 29" East, a distance of 260.77 feet to an iron pin set;

      North 49 22' 25" East, a distance of 183.83 feet to an iron pin set
      at the True Point of Beginning;

      thence North 49 22' 25" East, continuing with said right-of-way line,
a distance of 203.35 feet to an iron pin set in the southerly right-of-way
line of Union Centre Boulevard;

      thence South 62 38' 01" East, with said southerly right-of-way line,
being the southerly line of said 12.719 acre tract, a distance of 119.75
feet to an iron pin set;

      thence across said 98.914 acre tract, the following courses and
distances;

      South 27 12' 29" West, a distance of 38.32 feet to an iron pin set;

      South 02 57' 36" East, a distance of 328.65 feet to an iron pin set
on the arc of a curve to the right;

      southwesterly with the arc of said curve (Delta 06 23'30", Radius
344.41 feet) a chord bearing and distance of South 88 48' 20" West, 38.40
feet to an iron pin set at a point of reverse curvature;

      southwesterly with the arc of said curve (Delta 08 12' 24", Radius
322.64 feet) a chord bearing and distance of South 87 53' 53" West, 46.17
feet to an iron pin set at a point of tangency;

      South 83 47' 41" West, a distance of 44.33 feet to an iron pin set
 at a point of curvature of a cure to the left;

     southwesterly with the arc of said curve (Delta 07 12' 10" Radius
 630.00 feet) a chord bearing and distance of South 80 11' 30" West,
 79.15 feet to an iron pin set;

     North 12 56' 43" West, a distance of 83.81 feet to an iron pin set; and

     North 08 58' 42" West, a distance fo 227.71 feet to the True Point
 of Beginning containing 2.009 acres of land, more or less

     Subject, however, to all legal rights-of-way and/or easements, if
 any, of previous record.

     Iron pins set, where indicated, are iron pipes, thirteen sixteenths
 (13/16) inch inside diameter, thirty (30) inches long with a plastic plug
 placed in the top bearing the initials EMHT INC.

     The bearing herein are based on the same meridian as the bearings
 shown on the centerline survey for BUT-75-2.414, in which the centerline
 of Interstate 75 has a bearing of North 40 17' 04" East.

                             EVANS, MECHWART, HAMBLETON & TILTON, INC

[state of Ohio seal]          /s/ Clark E White 10/24/02

                                    Clark E White
                                A Registered Surveyor No 7868
                                BUTLER COUNTY PLANNING COMMISSION
                                FOR THE PURPOSES OF CONVEYANCE OF
                                TITLE, DOES NOT CONSTITUE A ZONING
                                CERTIFICATE OF BUILDING PERMIT
                                NO PLAT REQUIRED

VOLUME 43 PAGE 127
BUTLER COUNTY ENGINEER                              REVIEWED
                                           DEPT. OF PLANNING & ZONING
RECORD OF LAND SURVEYS                     DATE 10/29/02
                                           SIGNATURE  /S/ M SMOTS

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