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`�a-� . . � � . , �F.< � . <br />��q . . .. . . . . � . 1 ����� . .. � <br /> . . . . . .. . � . 'i:- . <br /> ' . �,:_;:,..,. .. , . . .. ._ . ...... . . � �. .. . . .. ... .. - . . . . . ... � � <br /> ' 77- 003650 <br /> LEASE AGREEMENT <br /> ' THIS AGREEMEN'I' entered into between KUES3'ER LAKE, INC., LESSOR, and <br /> � £��-d-�- <br /> ` (as -join•• enant�. as tenants in common) tas sole owner) (strike out <br /> portion not applicable) :�hether one or more, LESSEE. <br /> 1. D�scrit�tion ot leased premises: IAT 10 BAVING A LAKE FRANT FYIOTAGE pF '76 E�EET� <br /> SITUAT�D �N THE EAST SIDE OF THE WEST PORTION <br /> OP'RKiTES'TER LAKE, 'AND BEI13G ON A PART OF TYiL� E+�SW� IN SEGTION 7-3� 1DWNSHIP 11, &E1NGE 9, <br /> iHIIdALL COUNTY I3EBR., BOUNDE37 @23 THE EASTE�t2.Y SIDEKBY THE CAMMOI3 ROAD: SUCH IDT $3 AS <br /> 2. S�'i@No,� PL��sT�l:TE� &OSSESSZON OF THE LESSOR <br /> � ��years, commencing _�� � and terminating <br /> , <br /> 3. Option to extend term: <br /> Lessee has the option to extend the term o£ this lease for an <br /> additional 35 years by giving Lessor notice thereof, in writing, <br /> by July 1, 2009. <br /> 4. Rictht to assicinment of lease: <br /> Lessee has the right to assigri this lease provided - <br /> (a) Lessee has complied with all terms of this lease. <br /> (b) Lessee transfers to the new owner all interest and <br /> ownership of the Lessee in the common stock of <br /> � Kuester Lake, Inc. <br /> (c) The new Lessee agrees, in writing, to, abide by the <br /> terms of the lease so assigned, any new lease £or <br /> ' � these premises, and to abide by the Agreernent <br /> � entered into by this Lessee with iCuester I�ake, Inc. <br /> on or about Novembe'r 4, 1974, the terms of which <br /> aare incorporated herein by reference. <br /> (d) The new Lessee shall be entitled to a new lease for <br /> a 35 year term. The term may be longer if consented <br /> to by t'tie Lessor. <br /> (e) Any sub-leasing must 73ave the Lessor's approval. <br /> (£) The Lessee has the absolute right to conditionally <br /> ' assign this lease ta any mortgagee for the purpose <br /> of furnishing such mortgagee additional security. <br /> Y 5_ Rent- <br /> s The Lessee shall pay to Lessor, as annual rent, payable in <br /> advance and on or be£ore July first each year, such rent as <br /> a may be annually determined by the Lessor under the following <br /> { formula: <br /> � The annual rent skza7.1 be an amount, each year, <br /> equal to the result of dividing the total <br /> number of residential lessee-stoc7cholder lots <br /> into that year's anticipated net budget needs <br /> of the Lessor. <br /> The computation o£ the annual rent sha11 be done by the <br /> Lessor, but shall be uniform among all lessee-stock.holders <br /> of Kuester I,ake, Inc. In any event, the annual rent of <br /> the Lessee shall not exceed One Hundred Dollars ($100.00) <br /> unless a majority of all lessee-stocicholders of Kuester <br /> Lake, Inc. (one vote for eac'tz share) , present and voting <br /> at a special meeting called for that purpase, shall <br /> approve the same. <br /> 6. Access• <br /> �The Lessee shall have access rrorn the leased premises onto <br /> tne Lessor' s roads and shall also have the right to use <br /> the lake for boating, swimming and fis2zi.ng. These access <br /> rights are in common wit't� the other leaseholders at $ <br /> Kuester La7ce. � <br /> � � � � � � �� �� <br /> 6-a. Prior Leases: � ��" <br /> � This lease replaces and supersedes any prior lease £or said <br /> premises which the less�e or his predecessor;; in title may '�'`� <br /> ;� <br /> ' have held. ,�k': <br /> � ._.__ � <br />