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c) r 0 e nN 0 V_ tra 4t I. Description of Leased Premises: Lot Six (6), situated on the West side of the West portion of Kuester Lake and being on a part of the East Half of the Southwest Quarter (E %SW' /4) of Section Thirteen (13), Township Eleven (11) North, Range Nine (9) West of the 6 P.M., Hall County, Nebraska. The annual rent shall be an amount, each year, equal to the result of dividing the total number of residential lessee - stockholder lots into that year's anticipated net budget needs of the Lessor. Return to: Grand Island Abstract, P.O. Box 627, Grand Island, NE 68802 -0627 LEASE AGREEMENT Dated: August 16, 2013 THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and BRIAN A. GRUPE and DOREEN M. GRUPE, Husband and Wife, as Joint Tenants and not as tenants in common, LESSEES. Such lot is as shown on the plat in the possession of the Lessor. 2. Term of Lease: Thirty -five (35) years, commencing August 16, 2013, and terminating August 15, 2048. 3. Option to Extend Term: Lessees have the option to extend the term of this Lease for an additional 35 years by giving Lessor notice thereof, in writing, by February 15, 2048. 4. Right to Assignment of Lease: Lessees have the right to assign this Lease provided: (a) Lessees have complied with all terms of this Lease. (b) Lessees transfer to the new owner all interest and ownership of the Lessees in the common stock of Kuester Lake, Inc. (c) The new Lessees agree, in writing, to abide by the terms of the Lease so assigned, any new Lease of these premises, and to abide by the Agreement entered into by this Lessees' predecessors in title with Kuester Lake, Inc. on or about November 4, 1974, the terms of which are incorporated herein by reference. (d) The new Lessees shall be entitled to a new Lease for a 35 -year term. The term may be longer if consented to by the Lessor. (e) Any subleasing must have the Lessor's approval. (f) The Lessees have the absolute right to conditionally assign this Lease to any mortgagee for the purpose of furnishing such mortgagee additional security. 5. Rent. The Lessees shall pay to Lessor, as annual rent, payable in advance and on or before July first each year, such rent as may be annually determined by the Lessor under the following formula: 1 C 22.