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I � _ , � • ' - - �. • ' '"' March 1, 1975 �' 78--� �10 2 7 0 5 LEASE AGREEMENT ITHIS AGREEMENT entered into between KUESTER LAKE, =NC., LESSOR, and � Marilvn J. Jeffries (-as-jo-i-rr�-.v��;�--E�s�ena�s-i-��no�) (as sole owner) (strilce out portion not applicable) whether one or more, LESSEE. Lot 2, having a lake £ront footage of S2 1. Description of leased premises: feet, situated on the East side of the East portion of Kuester Lake and being on a part of the E'�SW'� in Section 13, Town- ship 11,- Range 9, in Hall County, Nebr., bounded on the Northerly side by a common road, such lot is as shown on a plat in the possession of the Lessor. 2, Term o£ lease• 35 years, conunencing March 1, 1975 and terminating - Februarv 28, 2010 3. Option to extend term: Lessee has the option to extend the term of this lease £or an additional 35 years by giving Lessor notice thereof, in writing, by July 1, 2009. 4. Rictht to assicrnment of lease: Lessee has the right to assign this lease provided - (a) Lessee has complied with all terms of this lease. (b) Lessee trans£ers to the new owner all interest and ownership of t2-ie Lessee in ttie common stock of Kuester Lalce, Inc. � (c) The new Lessee agrees� in writing, to abide by the torms of the lease so assigned, any new lease for these premises, and to abide by the Agreement enL-ered into by this Lessee with Kuester Lake, Inc. on or about November 4, 1974, ttie terms of which are incorporated herein by reference. (d) The new Lessee shall be entitled to a new lease for a 35 year term_ TY3e term may be longer if consented to by the Lessor. (e) Any sub-leasing must Yiave the Lessor's approval. (f) The Lessee has the absolute right to conditionally assign this lease to any mortgagee for the purpose of furnishing such mortgagee additional security. ' 5. Rent: The I�essee shall pay to Lessor, as annual rent, payable in advance and on or before Suly first each 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-stocicholder 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-stocicizolders of Kuester Lake, Inc. In any event, ttie annual rent of the Lessee shall not exceed One Hundred Dollars ($100.00) unless a majority of all lessee-stockholders o£ Kuester Lako, Inc. (ona voto for each share) , present and voting at a special meeting called for that purpose, shall approve the same. 6_ Access- �T`he Lessee shall have access from the leased premises onto • ? the Lesaor's roads and shall also have the right to use the lake for boating, swimming and fishing. 2'hese access ° `° righ�ts are in corc�non witti the otlzer leaseholders at ��,. � ; Kuester La]ce. J : . ; 6-a_ Prior Leases: �" This lease replaces and supersedes any prior lease for said � r' premises which the lessee or his predecessors in title may ;�- . have held. J