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LEASE AGREEMENT Dated: September I a , 2018 Return to: Advantage Title, 503 West Koenig, Grand Island, NE 68801 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. r ` rn t r - r cn THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and William J. Shottenkirk, Jr. and Vicki S. Shottenkirk, Husband and Wife, as Joint Tenants and not as tenants in common, LESSEES. I. Description of Leased Premises: Lot Thirty -one (31), with a lake front footage of One Hundred Fourteen (114) Feet on the West side of the West portion of Kuester's Lake, being on part of the East Half of the Southwest Quarter (E' /2SW' ), of Section Thirteen (13), Township Eleven (11) North, Range Nine (9) West of the 6 P.M., in Hall County, Nebraska, and bounded on the Westerly side by a 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 2 , 2018, and terminating October 31, 2053. r— M \ r1i 3. Option to Extend Term: Lessees have the option to ext I an additional 35 years by giving Lessor notice thereof, in writing, b 4. Right to Assignment of Lease: Lessees have the right to assign this Lease provided: (a) Lessees have complied with all terms of this Lease. (b) Lessees transfer to the new owner all interest and ownership of the Lessees in the common stock of Kuester Lake, Inc. (c) The new Lessees agree, in writing, to abide by the terms of the Lease so assigned, any new Lease of these premises, and to abide 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. (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. rm of this Lease for 31 , 2053. 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: The computation of the annual rent shall be done by the Lessor, but shall be uniform among all lessee - stockholders of Kuester Lake, Inc. In any event the annual rent of the Lessees shall not exceed One Hundred Dollars ($100.00) unless a majority of all lessee - stockholders of Kuester 1