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THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and - - -- -
<br />WILLIAM P. JEFFRIES and BETH R. JEFFRIES, husband and wife as joint tenants, LESSEE.
<br />I. Description of Leased Premises:
<br />Lots Eighteen (18) and Eighteen -A (18 -A), having a lake front footage of 125 feet,
<br />situated on the West side of the East Portion of Kuester Lake, and being on a part
<br />of the East Half of the Southwest Quarter (E %2SW' /4), in Section Thirteen (13),
<br />Township Eleven (11) North, Range Nine (9), Hall County, Nebraska;
<br />such lot is as shown on a plat in possession of Lessor.
<br />2. Term of Lease: Thirty -five (35) years, commencing July 26, 2004, and terminating July
<br />25, 2039.
<br />3. Option to Extend Term? Lessee has the option to extend the term of this Lease for an
<br />additional 35 years by giving Lessor notice thereof, in writing, by April 26, 2039.
<br />4. Right to Assignment of Lease: 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 ownership of the
<br />Lessee in the common stock of Kuester Lake, Inc.
<br />(c) The new Lessee agrees, in writing, to abide by the terms of the
<br />Lease so assigned, any new Lease of these premises, and to abide
<br />by the Agreement entered into by this Lessee's predecessors in title
<br />with Kuester Lake, Inc. on or about November 4, 1974, the terms of
<br />which are incorporated herein by reference.
<br />(d) The new Lessee shall be entitled to a new Lease for a 35 -year
<br />term. The term may be longer if consented to by the Lessor.
<br />(e) Any subleasing must have the Lessor's approval.
<br />(f) The Lessee has the absolute right to conditionally assign this Lease
<br />to any mortgagee for the purpose of furnishing such mortgagee
<br />additional security.
<br />5. Bent. The Lessee shall pay to Lessor, as annual rent, payable in advance and on or
<br />before July first each year, such rent as may be annually determined by the Lessor under the
<br />following formula:
<br />The annual rent shall be an amount, each year, equal to the result
<br />of dividing the total number of residential lessee - stockholder lots
<br />into that year's anticipated net budget needs of the Lessor.
<br />The computation of the annual rent shall be done by the Lessor, but shall be uniform among all
<br />lessee - stockholders of Kuester Lake, Inc. In any event the annual rent of the Lessee shall not
<br />exceed One Hundred Dollars ($100.00) unless a majority of all lessee - stockholders of Kuester
<br />Lake, Inc. (one vote for each share), present and voting at a special meeting called for that
<br />purpose, shall approve the same.
<br />6. Access. The Lessee shall have access from the leased premises onto the Lessor's
<br />roads and shall also have the right to use the lake for boating, swimming, and fishing. These
<br />access rights are in common with the other leaseholders at Kuester Lake.
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<br />DATED
<br />THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and - - -- -
<br />WILLIAM P. JEFFRIES and BETH R. JEFFRIES, husband and wife as joint tenants, LESSEE.
<br />I. Description of Leased Premises:
<br />Lots Eighteen (18) and Eighteen -A (18 -A), having a lake front footage of 125 feet,
<br />situated on the West side of the East Portion of Kuester Lake, and being on a part
<br />of the East Half of the Southwest Quarter (E %2SW' /4), in Section Thirteen (13),
<br />Township Eleven (11) North, Range Nine (9), Hall County, Nebraska;
<br />such lot is as shown on a plat in possession of Lessor.
<br />2. Term of Lease: Thirty -five (35) years, commencing July 26, 2004, and terminating July
<br />25, 2039.
<br />3. Option to Extend Term? Lessee has the option to extend the term of this Lease for an
<br />additional 35 years by giving Lessor notice thereof, in writing, by April 26, 2039.
<br />4. Right to Assignment of Lease: 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 ownership of the
<br />Lessee in the common stock of Kuester Lake, Inc.
<br />(c) The new Lessee agrees, in writing, to abide by the terms of the
<br />Lease so assigned, any new Lease of these premises, and to abide
<br />by the Agreement entered into by this Lessee's predecessors in title
<br />with Kuester Lake, Inc. on or about November 4, 1974, the terms of
<br />which are incorporated herein by reference.
<br />(d) The new Lessee shall be entitled to a new Lease for a 35 -year
<br />term. The term may be longer if consented to by the Lessor.
<br />(e) Any subleasing must have the Lessor's approval.
<br />(f) The Lessee has the absolute right to conditionally assign this Lease
<br />to any mortgagee for the purpose of furnishing such mortgagee
<br />additional security.
<br />5. Bent. The Lessee shall pay to Lessor, as annual rent, payable in advance and on or
<br />before July first each year, such rent as may be annually determined by the Lessor under the
<br />following formula:
<br />The annual rent shall be an amount, each year, equal to the result
<br />of dividing the total number of residential lessee - stockholder lots
<br />into that year's anticipated net budget needs of the Lessor.
<br />The computation of the annual rent shall be done by the Lessor, but shall be uniform among all
<br />lessee - stockholders of Kuester Lake, Inc. In any event the annual rent of the Lessee shall not
<br />exceed One Hundred Dollars ($100.00) unless a majority of all lessee - stockholders of Kuester
<br />Lake, Inc. (one vote for each share), present and voting at a special meeting called for that
<br />purpose, shall approve the same.
<br />6. Access. The Lessee shall have access from the leased premises onto the Lessor's
<br />roads and shall also have the right to use the lake for boating, swimming, and fishing. These
<br />access rights are in common with the other leaseholders at Kuester Lake.
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