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9 LEASE AGI,12EMMiT THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and n r ,v-.trrTntt- and wife (as joint tenants, whether one c!r irore, LESSEE. 1, Description of Leased Premises: Lots 11 and 12, having 1 lake front footage of 100 feet, and being on the 111est side of the Westerly portion of i.uester Lake and being; can a ;part of the iaast Half of the Southwest Quarter of Section 1), Town- cShip 1.1, 11arnre 9, West of the 6th P.M., in )Tali. County, Nebraska, and bounded on the Westerly side by the common road such lot is as shown on a plat in possession of Lessor. 2. Term of Lease: ~ 5 years, commencing _.Usay_J_,,__ 1 gg4 and terminating . 3. option to Extend Term: Lessee has the option to extend the term of this Lease for an additional 35 years by giving Lessor notice thereof, in writing, by January 1,?_02• 4. Right to Assignment of Lease: Lessee has the right to assign this Luse provided: (a) Lessee.' has complied with all terms of this Lease. (b) Lessee transfers to the new owner all interest and ownership of the Lessee in the common stock of Kuester Lake, Inc. (c) The new Lessee agrees, in writing, to abide by the terms of the Loaase so assignwd, any new Lease of these prvmiser, and to abide by the Agreement entered .i.-'.o by this Lessee's predecessors in title wi a Kuester Lake, Inc. on or about November 4, 197/4, the terms of which are incorporated herein by reference. (d) The new Lessee 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 Lessee has the absolute right to conditionally' assign this Lease to any mortgagee for the purpose of furnishing such mortgagee additional security. ► 5. Rent. The Lessee shall, pay to Lessor, as annual rent, payable in advance and on dr before July first each year, such rent as may be annually determined by the Lessor under the following formula: The annual. rent shall be an amount, each year, equal to the result of dividi.,vi the total number of residential lessee- stockholder lots into that year's anticipated net budget need, of the Lessor. The computation of the annual rent shall be done by the Lessor, but shall be uniform among all lessee-stockholders of Kuester Lake, Inc. In any event the annual rent of tM Lessee shall not exceed One Hundred Dollars ($100.00) unless a majority of all lessee-stockhol.dr-rs of Ku.ester Lake, Inc. (one vote for each share) , present ;.t-.d voting at a special r;leeting called for that purpose, shall, ~r~~ve the same.