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r -- 3 is s r LEASE AGREEMENT 89-- 104977 March 1, . 1975. THIS AGREEMENT entered into between KUE5TER LAKE, INC., LESSOR, and Ralnh W_ Wlaa and Irene H. Wiaa tas joint tenant ��ar�ts �Y -€as•- sole- ae}er� (strike out, portion not applica e) whether one or more, LESSEE. Lot 16, having a lake front footage of 1. Descri of leaved remises: -120 feat, situated on- the West side car the East portion of Kuester LaXe, an being on a part of the O3 SWAj in Section 13, Township 11, Range 9, in Hall County, Nebr., bounded on the Southwesterly side by the common road; such lot is as shown on a plat in the possession of the Lessor. 2. Term of lease: years, commencing March 1,. 1975 and:terminating Fraar�r 28. 20100 3. Option to extend term: Lessee has the option to extend `the: term of this lease for an additional 35 years by giving Leseeit notice thereof, in writing, by July 1, 2009. 4. Right to_assianment of lease: Lessee has the right to assign this lease provided - (a)• Lessee -has complied with all terms of this lease. (b) Lessee transfers to the new owner all interest and ownership- of the Lessee in the common stock of Kuester-Lake, Inc. The new Lessee agrees, in, writing, to abide by the terms of ::the lease so aasigned, any new, lease for these pre rises, and to abide by'the Agreement entered into by tlils Lessee with Kuester Lake, Inc. on or about Novem- -bet 4, 1974, the terms of which are incorporated herein by reference. (d) The new Lessee 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 sub - leasing rsst have the Lessor's. approval. tf) The Lessee has'the absolute right to conditionally assign this lease to any mortgagee;:�ac the purpose of furnishing such mortgagee addittia'ZIal security. 5. Rent: The Lessee shall pay to Lessor, as annual rent, payable in advance and on or before J-,.Iy first each year, such rent as may be annually determined Fy the Lessor under the following formula: The annual rent shall ba an amount, eadh 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 Lake, Inc. In any event, the annual rent of the Lessee shall not exceed One Hundred Dollars ($100.00) unless a majority of all lessee- stockholders of Kuester Lake, 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 for boating, swiruning and fishing. These access rights are in common with the other leaseholders at Kuester Lake. L6 -a. Prior Leases: This lease replaces and supersedes any prior lease for said premises which the lessee or his predecessors in title may have held. 7 l