Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Wells VAF I is not subject to any material litigation nor to management's knowledge is any material litigation currently threatened against Wells VAF I.

Certain lease agreements include provisions that, at the option of the tenant, may obligate Wells VAF I to expend capital to expand an existing property or provide other expenditures for the benefit of the tenant. In December 2012, Wells VAF I executed a lease amendment with Country Music Television, Inc. ("CMT"). As a result, CMT has the right to request the reimbursement of tenant improvements up to approximately $602,200, which was funded by Wells VAF I in connection with the disposition of the Commerce Street Building on August 1, 2013. See Note 9 - Subsequent Event for further details.

As of June 30, 2013, Wells VAF I was contractually obligated to pay certain lobby and reciprocal easement rental expenses at the Commerce Street Building through December 31, 2083. As of June 30, 2013, the annualized lobby and reciprocal easement lease obligations were approximately $153,000. The tenants at the Commerce Street Building reimbursed Wells VAF I for a portion of these rental expense obligations. This obligation was relieved in connection with the disposition of the Commerce Street Building on August 1, 2013. See Note 9 - Subsequent Event for further details.