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. ., sg�` . <br /> ,,.t . �, ,� �OS�9 LEA5E �GREE,IF:NT " <br /> - ��' �,q��a 4'7 <br /> THIS AGR�.EN�;NT entered into bet een KUESTER LAKE, INC. , LESSOR, and <br /> .�; , LLCl..Y� WI ���LE� n <br /> �s ' . (as sole owner) (strike out <br /> portion riOt. applicable) whether Orie or Lo�r`+� HAV ( NG A LAKE FRONT FOOTAGE OF <br /> 1. Descriz>tion Of leas.ed prernises: �� FEET � SITUATED ON THE EAST SIDF_ OF THE <br /> EASI' PORTION OF KUESTER LAKE wND BEING ON <br /> PART OF THE E.�SW�+ IN SECTION 'I7j� TOWNSHIP �� � RANGE 9� IN HALL COUNTY� (VEBR. <br />/� � ALNDED ON THE NORTHERLY SIDE BY THE COMM061 ROAD � SUCH LOT IS AS SHOWN ON A PLAT <br /> ��I�lTkIE P,P�$��S��O�IeQdSeTHE LESSOR. - <br /> L <br /> 3j years, comrnencing Mav 5TH '1�8'I and terminating <br /> -- M A Y 4 T H 20't 6 <br /> 3. Option to extend term: � <br /> Lessee has the option to extend the term of this lease for an <br /> aclditional 35 years by giving Lessor notice thereDf, in writing, <br /> by July 1, �X��C 20'I 5. <br /> 4. Riqht to assiqnment of lease: <br /> Lessee has the right to assign this lease provided - <br /> (a) Lessee has complied with all terms of this lease. <br /> (b) Lessee transfers to the new owner all interest and <br /> ownersYiip of tYie Lessee in the common stock of <br /> Kuester Lake, Inc. <br /> (c) The new Lessee agrees, in writing, to abide by the <br /> terms of the lease so assigned, any new lease for <br /> these premises, and to abide by the Agreement <br /> entered into by this Lessee with Kuester Lake,, Inc. <br /> on or about Novembe� 4, 1974, the terms of which , <br /> are incorporated herein by reference. " <br /> (d) The new Lessee shall be entitled to a new lease for <br /> a 35 year term. The term may be longer if consented <br /> to by the Lessor. <br /> (e) Any sub-leasing must have the Lessor' s approval. <br /> (f) The Lessee has the absolute right ta conditionally <br /> assign this lease to any mortgagee for the purpose <br /> of furnishing such mortgagee additiorial security. <br /> 5. Rent- <br /> . The Lessee shall pay to Lessor, as annual rent, payable in <br /> advance and on or before July first each year, such rent as <br /> may be annually determined by the Lessor under. the following <br /> f�rmula: <br /> The anzZUal rent shall be an amount, each year, <br /> equal to t.he result of dividing the total <br /> number of residential lessee-stockholder lots <br /> into that year' s anticipated net budget needs <br /> of the Lessor. <br /> The computation of the annual rent shall be done by the <br /> Lessor, but shall be uniform among all lessee-stockholders <br /> of Kuester Lake, Inc. In any event, the annual rent of <br /> the Lessee shall not exceed One Hundred Dollars ($100.00) <br /> unless a majority of all lessee-stockholders of Kuester <br /> Lake, Inc. (one vote for each share) , present and voting <br /> at a special meeting called for that purpose, shall <br /> approve the same. <br /> . f! � . - <br /> � <br /> 6. Access - <br /> .The Lessee shall have access from the leased premises onto <br /> the Lessor' s roads and shall also have the right to use <br /> the lake for boatin_q, swimming and fishing. These access <br /> rights are in common with the other leaseholders at <br /> K:uester Lake. <br /> �-a. Prior Leases : <br /> This lease replaces and supersedes any prior lease for said <br /> �remises which the lessee or his predecessors in title may <br /> � have held. � • ' <br />