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202006547
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Last modified
9/2/2020 10:36:50 AM
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9/2/2020 10:36:50 AM
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DEEDS
Inst Number
202006547
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202006547 <br />For the purposes of the restricted occupancy herein permitted, a "family" shall be defined as <br />persons related by blood, marriage or adoption, and any persons residing in a committed familial <br />relationship to each other, even if not related by blood or adoption, together with any children in any <br />way related by blood or adoption to either of the persons residing in a committed familial <br />relationship. <br />15. Termination of Lease by Default of Lessees. If the Lessees fails, after ninety (90) <br />days prior written notice from the Lessor, to remedy any default in his or her compliance with any <br />of the obligations binding upon him or her under this Lease Agreement, or under the Rules and <br />Regulations furnished him or her by the Lessor, the Lessor may, at its option, terminate this Lease <br />and retake possession of the leased premises but only after the following procedure has been <br />complied with: <br />(a) A special meeting of all stockholders of Lessor shall be called by the <br />Board of Directors of Lessor, and written notice of such meeting and <br />its purposes be given all such stockholders. Such meeting shall be <br />called for the purpose of determining by majority vote of the <br />stockholders of Lessor, present and voting, as to whether or not <br />termination of Lessees' Lease should be made because of a default by <br />the Lessees. At least ten (10) days written notice shall be given of <br />any such meeting, and the Lessees shall be given full opportunity to <br />show why his or her Lease should not be terminated. <br />(b) <br />If a majority of the stockholders of Lessor, present and voting at such <br />meeting, determines that Lessees is in default under his Lease and <br />that the same should be terminated, the Lessees shall have one <br />hundred twenty (120) days within which to remove his or her <br />improvements on said premises; and, if he or she fails to remove the <br />same within such 120 days, the Lessor and the Lessees shall join in a <br />public auction of the improvements remaining upon said leased <br />premises, and the net proceeds from any such sale shall be applied as <br />follows: <br />FIRST in the payment of any unpaid rents or other amounts owing by <br />Lessees to Lessor; <br />SECOND any remaining proceeds, subject to the rights of mortgagees, shall <br />be paid to the Lessees. The Lessor agrees to give a new Lease to a suitable <br />purchaser at such public auction. <br />THIS LEASE AGREEMENT shall bind the Lessor and the Lessees and their personal <br />rpresentatives, successors, devisees, legatees, heirs-at-law, and assigns. <br />KUESTER LAKE, INC. <br />Eric Christensen, Its President <br />LESSOR <br />LESSEES <br />3 <br />
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