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-3- <br />200107063 <br />(b) If a majority of the stock of Lessor, present <br />and voting at such meeting, determines that Lessee <br />is in default under his lease and that the same <br />should be terminated, the Lessee shall have one <br />hundred twenty (120) days within which to remove <br />his or her improvements on said premises and, if he <br />or she fails to remove the same within such 120 <br />days,, the Lessor and the Lessee shall join in a <br />public auction -of the improvements remaining upon <br />the leased premises and the net proceeds from any <br />such sale shall be applied as follows: <br />FIRST in the payment of any unpaid rents or other <br />amounts owing by Lessee to Lessor; <br />SECOND any remaining proceeds, subject to the <br />rights of mortgagees, shall be paid to the <br />Lessee. The Lessor agrees to give a new <br />lease to a suitable purchaser at such public <br />auction. <br />THIS LEASE AGREEMENT shall bind the Lessor and the Lessee and <br />their personal representatives, successors, devisees, legatees, <br />heirs -at -law and assigns. <br />KUESTER LAKE, INC. <br />LESSOR <br />i <br />LESSEE <br />STATE OF NEBRASKA ) <br />ss. <br />COUNTY OF HALL ) <br />On this 17 day of 197 d�_ before me, a Notary <br />Public within and for said county, personally, same <br />Tom R. Collins and Sonya J. Collins <br />Lessee, known to me and known to me to be the identical person (s) <br />whose name is affixed to the foregoing as Lessee, and acknowledged <br />their execution thereof to be their voluntary act and deed for the <br />purposes therein set forth. <br />Witness my hand <br />My Notarial Commission <br />and notarial seal the date last above written. <br />expires: 22jj� <br />Notary Public <br />W. T. GREEN <br />Genera! Notary• State of Nebr. <br />My Co.nrn ssion Expires <br />1Aay 28. VD78 <br />