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F 15 -248 -8
<br />New
<br />#8 L E A S E
<br />AGREEMENT, dated the —____/ day of
<br />survivors
<br />by and between ViCfor C Olson and 11a Pearl 0lgszri, o� hC- iZ_____..__ hereinafter designated
<br />"LESSOR," whether one or more, whose post office address is 1803 _N&__.. _�dy--- 5- t-.- tGrand_1S an -!1ebZ,.
<br />and CONTINENTAL OIL COMPANY, a Delaware corporation, hereinafter called "LESSEE," having a place of
<br />business at — Lincoln,- Nebraska
<br />(1) Premises Leased. Lessor hereby leases unto Lessee a tract of land in the city of Grand Island
<br />1
<br />county of Hall , state of Nebraska _, described as follows, to wit:
<br />Plat of a tract beginning 50.0 feet South of the North corner, and on
<br />the '.nest line of Park Reserve, Gilbertis Subdivision of Block One (1),
<br />Gi]_bertts Second Addition to the city of Grand Island, Pebraska; running
<br />thance South on the West lire of Fark Reserve 112.0 feet; running thence East
<br />at right angles 83.3 feet to the Easterly line of Park Reserve; running thence
<br />Northwesterly on the Easterly line of Park Reserve 134.65 feet to a point whicx
<br />is 50.0 feet frog the North corner of Park Reserve; running; thonce Southwester-
<br />ly 24.65 feet to the point of beginning.
<br />and including all appurtenances thereto, and all right, title, and interest of Lessor in and to any and all roads,
<br />streets, and ways bounding the said premises, subject to any exceptions hereinafter noted.
<br />(2) Term. TO HAVE AND TO HOLD for a primary term of— Twenty (?Q years from and after
<br />12 o'clock noon of the —mot _day of Augur t , 192_. Lessee shall have the option to
<br />renew or extend this lease upon the same terms and conditions for One ( I) _ - - -_ additional terms of
<br />five (5) years each by giving Lessor written notice of election to so extend the term of said lease at least sixty (60)
<br />days prior to the 1st —day of August 19-15, and thereafter at least sixty (60) days prior
<br />to the expiration of each succeeding five -year term herein provided for. The words "continuance of this lease" as
<br />hereinafter used shall mean the primary term and all renewals or extensions thereof, unless the contrary is ex-
<br />pressly provided.
<br />(3) Rental. Lessee agrees to pay the following rent for said premises:
<br />One Hundred Fifty Dollars 3150.00 per :rionth.
<br />Lessor agrees that Lessee may tender or pay all rentals due to Lessor at his address above set out, unless other-
<br />wise directed in writing by Lessor; or, Lessee may pay all rentals due by depositing its check for same to Lessor's
<br />credit in the -- — - —. Bank at _ _- __— __----- _----------- _ - - - - -_ or its
<br />successor or successors, as Lessor's agent, if (1) a check tendered to Lessor at the address shown is returned un-
<br />claimed, or (2) more than one lessor is to receive a rental payment; provided, however, Lessee shall not be bound by
<br />any assignment or transfer by Lessor of the premises or any part thereof, either voluntary or by operation of law,
<br />unless and until furnished with the recorded original of such assignment or transfer, or a certified copy thereof. If
<br />any rental installment shall remain due and unpaid for thirty (30) days after written notice of such default has
<br />been delivered to the Division Manager of Marketin�Department of the Continental Oil Company at
<br />?Nebraska
<br />-- -- - — - - - - T i - c o1 , . - - -- - - -- --- - - - - -- - — -
<br />Lessor shall then have the right to terminate said lease on thirty (30) days' written notice to Lessee, without,,
<br />rejudice to any o �efr4right or remedy given to Lessor by applicable law. l(1�,` 44 Spee S'a ctio,� roperty. Lessee shall have the /right at any time during the continuance of
<br />within thirty (30) days aTter i -f t`ertnirtat-ien,-Yo- r nd compressors, and other
<br />similar equipment, and all s, an ive ed -or placed_ on_said demised premises by ' f
<br />s "a I not be obligated to sever and remove all or any part of same. -
<br />(5) Furnishing of Abstract. Lessor, within a period of fifteen (15) days following the execution of this lease,
<br />shall provide Lessee with an abstract of title to said premises brought down to date showing good and merchantable
<br />title in Lessor. If in the opinion of Lessee's attorneys the abstract submitted does not show merchantable title in
<br />Lessor, or the abstract or other evidence shows that the premises are not free from restrictions for commercial pur-
<br />poses in such manner as would permit the use thereof for the distribution and sale of petroleum products and
<br />auto —obile accessories, Lessor shall have a reasonable time to correct any defects in his title, and in the event such
<br />defects or restrictions cannot be removed by Lessor, this lease may be terminated at the option of Lessee upon the
<br />giving of written notice thereof to Lessor, which notice shall be given to Lessor within a reasonable time after it is
<br />apparent that Lessor is unable to remove any such defect or restriction. If Lessee elects to terminate the lease as
<br />provided for herein, Lessor shall refund all rentals theretofore paid by Lessee. The abstract of title to said premises
<br />(except where the option to purchase is exercised by Lessee) shall be owned by and kept in the possession of Lessor
<br />during the continuance of this Lease, but same shall be available for inspection by Lessee at any time.
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