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<br /> LEASE AGREEMENT �93•
<br /> �=`� THIS AGREEM�NT entered into betwesn KUESTER LAKE� 1NC. , LE880R� and
<br /> •�i;; JlINII3S I►. THQI4PSON ANA �ANDRA J. TNOi1P30N, 3POUSS OF EAQH OTIi�R.
<br /> a as oint tenants xxX� �tri e out
<br /> port�oo not applicable) whekher one ox mor�, LESSEE.
<br /> Lot 26 and �h� North�riy or�-hal! o! Lob 2��
<br /> ` • �: 1 . Daecci tian of Leased Premisee: having a lalt� lront toot� o! 97 r��t�
<br /> � •itua � on • •� • � a • �� po z�ion o! Ku��t�r I�lc� arrd b�in� on a
<br /> part o! th� $�SW� in stiri�iidi boMthhsaomon���9iuoh lot1ii��i�shoNn on i�
<br /> ,.:4�• and bour�4�d on th� w�• y �►
<br /> Yr,� - -., p1R� in th� por���eion o! th� L���or.
<br /> � 2. Terrn of Lease :
<br /> ' � �' � '`' •'�' ' ' ,�r _ yeare, commencing Atu�ust �,,�, 1993 a�d terainating
<br /> i°�. �`'-- - -- : � Julv 91. 2028 •
<br /> �� -4 ��A• '�uN}(� 3. 0 tioo to Extend Term• �
<br /> � � Lessee �as t e op a to extend the term of this Lease for an
<br /> � " �`'''. edditional 35 years by giving Leaeor notice thereof� in writing,
<br /> {� � by July 1, 2027 .
<br /> y� 'j. ..
<br /> -• � 4. Ri ht to Asai nment of Lease:
<br /> ��. �i,';.•.;, _. �. Lessee as t e rig t to assign this Lease provided: ,
<br /> �,,.,�r.;':
<br /> ;,,�.:;.,,,.;,;�, �7, (a) Lesaee has complied with all terms of this Lease .
<br /> .� ti;. ::t�:.... (b) Leseee transfere to the new owner all i�terest and
<br /> � , :.�• � - ownership of tbe Letlsaa iu tiie comnan Btock of
<br /> ::..�:z,,�:-;:�.
<br /> <<.:;t`;'-• :~:'"'� Kueater Lake� Inc.
<br /> ' � •� L��,�:'''.''r.i;� .
<br /> . , ,, ;,,;;,;;,,, � � (c) The new Lessee agrees, in writing, to abide by the
<br /> :•,,,,;,,,;,�.,.� terms of the Lease so asaigned, an}► new Lease for
<br /> ` ' � ��;-�:���� the se premises , and to abide by the Agreemen t en�-
<br /> .� ,. �� ered into by tnxs Lessee with Kuester Laket Inc. on
<br /> � � ';��;.;�, or about November 4, 1974, the terma of which are
<br /> �:• ��"�'± incorporated herein by reference.
<br /> +� � `��:<�:':��1 (d) The new Lesaee ahall be entitled to a new Lease for
<br /> ,1.��. ,:,;r.��:':'��',�", � � � a 35-year term. The term may be longer if consented
<br /> � ��.;:::,�� to by the Lessor.
<br /> � ° .�� ;f�:`��:;='��.,;,,� (e) Any subleas ing must have the Lessor's approvat .
<br /> % ��i•. (E ) 1'he Leasee has the absoluCe right to condLtionally �,:;�r;
<br /> i � ' �'�';,';::• . ass ign this Lease to any mortgagee for the purpose ,��.•;���
<br /> • � .. of furnishi ng auch mortgagee additional security . �,<�;a
<br /> 5. Ren t:
<br /> T e Lessee shall pay to Lessor, as annual rent, payable in ad-
<br /> .. �•'���"•`�' vance and on or beFore July first each year, auch rent as may be �
<br /> �:'�,!�" annually determined by the Lessor under the following Eormula: r�•::
<br /> � ,�.Y�r.: ; The annual rent shall be an amount, eact� year, 'i'
<br /> , ; '. � :;,,:.,,.,,. .., ,
<br /> : i equal to the result of dividing the totnl num- „ �.
<br /> ber of residential lessee-stockholder lots inko ��!'�.�;
<br /> ' ' � , � that year's anticipated net budget needs of the ����;:
<br /> • ; Lessor. J� •
<br /> � ' �. � The c omputa t ion of the acinual rent sha 11 be done by ttie Les sor,
<br /> ;F . but stiall be uniform among all lessee-stockl�olders of Kuester �
<br /> � , Lake� lnc. In any event , tl�e annual rent of ttie l�essee slinll .
<br /> a not exceed One liundred Uollars ($IUU.UU) unless n majvrity
<br /> = of all lessee-stockholders of Kuester Lake, Inc . (one v�le Cor
<br /> � each share) , present and voting aC a speci�l meetin� called
<br /> �. , Eor that purpose , slia 11 approve lt�e sAme.
<br /> �.-� - --
<br /> _ -- �._... __. 6. Access:
<br /> , � + T�e Lessee shall h�ve access from the leased premises on�.o the
<br /> ' 7� Lessor's roads and shal l a lso have the right ta use th� lake
<br /> Eor boatin�� swirnming , and fishing. 1'hese access righls are in
<br /> ��• cornmon with the ott�er leaseholders at Kuester Lake.
<br /> � �.,
<br /> ��+�
<br /> } , '.� . 3� � � 6a . prior Leases: ,
<br /> � � T is Lease replaces and supersedes any prior l.ec�se Cor saiJ prria- ,
<br /> � ises which ttie Lessee or his predecessors in title may I�ave I�eld. '
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