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N <br />0 <br />W c0► <br />�� n L3 <br />0 <br />it <br />I. Description of Leased Premises: <br />Return to: Advantage Title, 503 West Koenig, Grand Island, NE 68801 <br />LEASE AGREEMENT <br />Dated: March , 2013 <br />c — m <br />D fl O Z f <br />--J — Ti :' <br />r <br />: t" 7> <br />-7,, r ) - .7c <br />t-_. (r) ..0 <br />(1) <br />THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and LESLIE <br />DEAN WESTOVER and TERESITA V. WESTOVER, Husband and Wife, as Joint Tenants and <br />not as tenants in common, LESSEES. <br />Lot Eleven (11), Kuester Lake, a part of the East One Half of the <br />Southwest Quarter (SW %) of Section Thirteen (13), Township Eleven <br />(11) North, Range Nine (9) West of the 6 P.M., Hall County, Nebraska, <br />situated on the East side of the West portion of said lake. <br />Such lot is as shown on the plat in the possession of the Lessor. <br />2. Term of Lease: Thirty -five (35) years, commencing March _, 2013, and terminating <br />March 31, 2048. <br />3. Option to Extend Term: Lessees have the option to extend the term of this Lease for <br />an additional 35 years by giving Lessor notice thereof, in writing, by September 30, 2047. <br />4. Right to Assignment of Lease: Lessees have the right to assign this Lease provided: <br />(a) Lessees have complied with all terms of this Lease. <br />(b) Lessees transfer to the new owner all interest and ownership of the <br />Lessees in the common stock of Kuester Lake, Inc. <br />(c) The new Lessees agree, in writing, to abide by the terms of the <br />Lease so assigned, any new Lease of these premises, and to abide <br />by the Agreement entered into by this Lessees' predecessors in title <br />with Kuester Lake, Inc. on or about November 4, 1974, the terms of <br />which are incorporated herein by reference. <br />(d) The new Lessees shall be entitled to a new Lease for a 35 -year <br />term. The term may be longer if consented to by the Lessor. <br />(e) Any subleasing must have the Lessor's approval. <br />(f) The Lessees have the absolute right to conditionally assign this <br />Lease to any mortgagee for the purpose of furnishing such <br />mortgagee additional security. <br />5. Rent. The Lessees shall pay to Lessor, as annual rent, payable in advance and on or <br />before July first each year, such rent as may be annually determined by the Lessor under the <br />following formula: <br />The annual rent shall be an amount, each year, equal to the result <br />of dividing the total number of residential lessee - stockholder lots <br />into that year's anticipated net budget needs of the Lessor. <br />Zz v <br />r <br />re <br />0 <br />