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N CA, W MEW MIIIMM rn rri ^2 N Return to: Mayer, Burns & Koenig, 308 N. Locust Street, Suite 306, Grand Island, NE 68801-5984 LEASE AGREEMENT Dated: August 1 9, 2020 —4 THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and Gerald L. Schenck, a single person, LESSEE. 1. Description of Leased Premises: Lot Ten (10) Having A Lake Front Footage Of 54 Feet, Situated On The West Side Of The West Portion Of Kuester Lake And Being On A Part Of The E1/2sw1/4 In Section 13, Township 11, Range 9, In Hall County, Nebraska, Bounded On The Northwestern Side By A Common Road, Known As Number Twenty (20) Kuester Lake. Such lot is as shown on the plat in the possession of the Lessor. 2. Term of Lease: Thirty-five (35) years, commencing August 9, 2020, and terminating July 10,2055. 3. Option to Extend Term: Lessees have the option to extend tterm of this Lease for an additional 35 years by giving Lessor notice thereof, in writing, by June , 2055. 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 July 1, 1983, 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. 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