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N s 0 �Ff i 0 f TY't fol I . Return to: Advantage Title Services, 503 West Koenig, Grand Island, NE 68801 I. Description of Leased Premises: LEASE AGREEMENT Dated: September 1, 2014 THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and WILLIAM F. PARTEN and CONNIE J. PARTEN, Husband and Wife, as Joint Tenants and not as tenants in common, LESSEES. Lot Five (5), at Kuester Lake in the East Half of the Southwest Quarter (E%SW' /) of Section Thirteen (13), in Township Eleven (11) North, Range Nine (9) West of the 6th P.M., in Hall County, Nebraska, situated on the West side of Westerly portion of said lake having a lakefront footage of Fifty (50) feet and bounded on the Northerly side by the common road. Such lot is as shown on the plat in the possession of the Lessor. 2. Term of Lease: Thirty -five (35) years, commencing September 1, 2014, and terminating August 31, 2049. 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 March 1, 2014. CO ▪ 4. Right to Assignment of Lease: Lessees have the right to assign this Lease provided: pa —4 (a) Lessees have complied with all terms of this Lease. • (b) Lessees transfer to the new owner all interest and ownership of the 111 Lessees in the common stock of Kuester Lake, Inc. (c) The new Lessees agree, in writing, to abide by the terms of the r- Lease so assigned, any new Lease of these premises, and to abide rn 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. m (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. 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. 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