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- N CO rso Return to: Duane A. Burns, 308 N. Locust St., Suite 306, Grand Island, NE 68801 LEASE AGREEMENT Dated: 1 , 2020 THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and TIM C. PLATE and CURT L. RATLIFF, as joint tenants, with right of survivorship, LESSEES. 1. Description of Leased Premises: Lots Nine (9) and Ten (10), situated on the East side of the East portion of Kuester Lake and being on a part of the East Half of the Southwest Quarter (E 1 /2 S W 1 /4) of Section Thirteen (13), Township Eleven (11) North, Range Nine (9) West of the 6th P.M., Hall County, Nebraska, commonly known as No. 34 Kuester Lake such lot is as shown on a plat in possession of Lessor. 2. Term of Lease: Thirty-five (35) years, commencing Ak5u54 / , 2020, and terminating 3.,,1,1 3 1 , 2055. 3. Option to Extend Term: Lessees has the option to extend the term of this Lease for an additional 35 years by giving Lessor notice thereof, in writing, the month prior to termination date 6r by 3,, iy 3 1, 2055. 4. Right to Assignment of Lease: Lessees has 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 agrees, in writing, to abide by the tennis 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 has 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 ollowing formula: The annual rent shall be an amount, each year, equal to the result of dividing the total number of residential Lessees -stockholder lots into that year's anticipated net budget needs of the Lessor. 1 CD N n CD OD CJl co ON 1N3Wf UISNI SV 03t131N3 v