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� � 78-iJ U 1�7 5 29�rch 15, 1��6 . LEASE AGREEMF:�TT THIS A�REEMEDTI' entered into between I�LJESTER LATCE, 2NC., LESSQR, and vrLT��ur T. c�ttEBrP � ( ) ( ) (as sole owner) (strilce out pbrtian not appl3ca�ble) whether one 'or more, LESSEE. 1. Descrintion of leased nremises: 7.ote ]:6 ��nd 17, having � 1�:ksk !'sont toot gv a! 190 teet, situ.t.�d oa th.e S st s#df oS the rwsat portion o! BwsC�r Lala ad bsi� on � p-.rt of t6s S�9W�s►#n Seotion ]3, TownahlP u, E-nge 9, in H.]1 Cc�mty 21eba� , bouad�d on th • Baat�rly sid• by L�A� cc�non rrs.d; auch toLs .re -:a ehaxa on 2. Term of lease: pl•t in�he poeesesion o!' Ltssor. �35 Years, commencing lL,roh 16. 1976 and terminating ' - Ye.roh 1.��, 2011 3, Otp'tion to extend term: Lessae has the option to extend the term o£ thi.s lease £or an additional 35 years by giving T.essor notice thereof, in writing, by Julg l, 2010. 4. Riaht_ to assianment of lease: '' :Jessee has the right to assign this lease providecl - � (a) Lessee has complied with a11 terms of this lease. r (b) Lessee transfers to the new owner a11 interest and ownezship of tl'ie Lessee in the common stock of Kuester La7ce, Inc. (c) The new T.essee agrees, in writir.g, to abide by the terms ot the lease so assigned, any new lease fpr these premises, anc3 to abide by the Agreement entered inta by this Lessee with Kuester Lake, Inc. on or about November 4, 1974, -the terms of which are incorporated herein by reference, (d) The new Lessee shall be entitled to a new lease for s a 35 year term. 'ihe term may be longer if consented to by the Lessor. (e) Any sub-leasi.ng must have the Lessor's approval. �' (f) 'I'he �essee has the absolute rs.ght to conditionally assign this lease to any mortgagee for the purpose i of furnishing such mortgagee additional security. 5. Rent: The Lessee shall pay to Lessor, as annual rerit, payable in advance and on or before July first eac� year, such rent as may be annually determined by the Lessor under the following 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 budget needs � of the Lessor. The computation of the annual rent shall be done by the Lessor, but shall be uniform among all lessee-stockholders of Kuester Lalce, Inc. In any event, the annual rent of the Lessee shall not exceed One Hundred Dollars ($100_00) unless a majority of a11 lessee-stockholders of Kuester Lalce, Inc. (one vote for each share) , present and voting at a special meeting called for that purpose, shall approve the same. 6. Access: The Lessee shall have access from the leased premises onto the Lessor�s roads and shall also have the right to use the lake £or boating, swimming and fishing_ These access � rights are in common with the other leaseholders at Kuester La7ce. --__ � ,�;>. 6-a. Prior Leases- � ` This lease replaces and supersedes any prior lease for said + premises which the lessee or his predecessors in title may have Izeld_ ! z ;., � , �