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. w� q.:�m.�. 'R � � r. . w...::.:.� . � 77- 007 ] 10 LEASE AGREEMENT � THZS AGREEMENT entered into between KUESTER LAKE , INC . , LESSOR , and A1 irn Chsaarc. r ( as joint tenant � ) ( as tenants in comnoa ) ( as sole o�reier) ( atriks out portion not applicable) whether one or more , LESSEE . _ Lot 3 , havi. ng a lake front footage of 46 l . D o o sfeet , situated on the . East side of the East tion o uester a e an eing on a part of t }ie E '-� SW '� in Section 13 , Township 11 , ge 9 , in tlall County , Nebr . , bounded on thc Northerly side by the common road ; � lot is as shown on a Plat in the possession of the i, essor . 2 . T�rm of lease • ' ��years , commencing llecemh o r 1 � t o 7 7 and terminatinq llecember 1 . 2012 3 . Ot�tion to extend term : Lessee has the option to extend the term of this lease for an additional 35 years by giving L � ssor notice thereof , 1n writit►q , by July 1 , 2009 . 4 . Riaht to assianment of lease : Leasee has the right to assign this lease provided - � ( a ) Lessee has complied with all terms of this lease . ( b ) Lessee transfers to the new owner all interest and ownership of the Lessee in the common stock of Kuester Lake , Inc . ( c ) The new Lessee agrees , in writing , to ablde by the terms of the lesse so assigned , any new lease for these premises , and to abide by ttie Agreement entered into by this Lessee with Kuester Lake , Inc . on or about NovembeY 4 , 1974 , tha terms of which are incorporated herein by reference . ( d) The new Lessee shall be entitled to a new lease for a 35 year term . The term may be lonqer if conser►ted to by the Lessor . ( e ) Any sub- leasinq muat h ave the Lessor ' s approval . ( f ) The Lessee has the absolute right to conditionally assign this leaee to any mortqaqea for the purposa , o� furnishiraq auch mortgagee additional security . 5 . Rent : The Lessee 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 followiaq formula : 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 budqet needs of the Leesor . The computation of the annual rent shall be done by the Lessor , but shall be uniform among all lessee- stockholdera of Kuester Lake , Inc . In any event , the annual rent of the Lessee shall not exceed One Hundred Dollars ( $ 100 , 00 ) unless a majority of all lessee- stockholdera Qf Kuester Lake , Inc . ( one vote for each share ) , present and votinq at a special meetinq called for that purpoae , ahall approve the same . 6 . Access : The Lessee shall have access frorn tl-ie leased premises onto the Lessor ' s roada and shall also have the right to use the lake for boating , awimming and fishinq . Theae secesa � rights are in conttewn �+r1th the other leaseholders at �,� Kuester Lske . ,:; � 6-a . Prior Leases : � � '" ' This lease replacea and supersedes any prior leaee for said :"�` + prmmiaes which the lessee or his predecesaore in title may 'have held . . , �