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Lots Twenty -four (24), Twenty -five (25) and Twenty -six
<br />(26), having a lake front footage of 215 feet, situated
<br />on the west side of the East portion of Kuester Lake and /
<br />being on a part of the East Half of the Southwest Quarter S
<br />(E%SWW) in Section Thirteen (13), Township Eleven (11)
<br />North, Range Nine (9) West of the 6th P.M., Hall County,
<br />Nebraska, bounded on the Westerly side by the common
<br />road,
<br />such lot is as shown on a plat in possession of Lessor.
<br />2. Term of Lease: Thirty -five (35) years, commencing March
<br />1, 1975, and terminating February 28, 2010
<br />3. Option to Extend Term- Lessee has the option to extend
<br />the term of this Lease for an additional 35 years by giving Lessor
<br />notice thereof, in writing, by July 1, 2009.
<br />4. Right to Assignment of Lease Lessee has the right to
<br />assign this Lease provided:
<br />(a) Lessee has complied with all terms of this
<br />Lease.
<br />(b) Lessee transfers to the new owner all interest
<br />and ownership of the Lessee in the common
<br />stock of Kuester Lake, Inc.
<br />(c) The new Lessee agrees, in writing, to abide by
<br />the terms of the Lease so assigned, any new
<br />Lease of these premises, and to abide by the
<br />Agreement entered into by this Lessee's
<br />predecessors in title with Kuester Lake, Inc.
<br />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
<br />Lease for a 35 -year term. The term may be
<br />longer if consented to by the Lessor.
<br />(e) Any subleasing must have the Lessor's
<br />approval.
<br />(f) The Lessee has the absolute right to
<br />conditionally assign this Lease to any
<br />mortgagee for the purpose of furnishing such
<br />mortgagee additional security.
<br />5. Rent. The Lessee shall pay to Lessor, as annual rent,
<br />payable in advance and on or before July first each year, such rent
<br />as may be annually determined by the Lessor under the following
<br />formula:
<br />The annual rent shall be an amount, each year,
<br />equal to the 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 Lessor, but
<br />shall be uniform among all lessee - stockholders of Kuester Lake,
<br />Inc. In any event the annual rent of the Lessee shall not exceed
<br />One Hundred Dollars ($100.00) unless a majority of all lessee -
<br />stockholders of Kuester Lake, Inc. (one vote for each share),
<br />present and voting at a special meeting called for that purpose,
<br />shall approve the same.
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<br />LESSOR,' and CONNIE JOY VAN WIE, Trustee of
<br />the Connie
<br />Joy
<br />Van Wie
<br />First
<br />Amended and Restated Revocable Trust
<br />Agreement,
<br />LESSEE.
<br />o
<br />1. Description
<br />of Leased premises:
<br />Lots Twenty -four (24), Twenty -five (25) and Twenty -six
<br />(26), having a lake front footage of 215 feet, situated
<br />on the west side of the East portion of Kuester Lake and /
<br />being on a part of the East Half of the Southwest Quarter S
<br />(E%SWW) in Section Thirteen (13), Township Eleven (11)
<br />North, Range Nine (9) West of the 6th P.M., Hall County,
<br />Nebraska, bounded on the Westerly side by the common
<br />road,
<br />such lot is as shown on a plat in possession of Lessor.
<br />2. Term of Lease: Thirty -five (35) years, commencing March
<br />1, 1975, and terminating February 28, 2010
<br />3. Option to Extend Term- Lessee has the option to extend
<br />the term of this Lease for an additional 35 years by giving Lessor
<br />notice thereof, in writing, by July 1, 2009.
<br />4. Right to Assignment of Lease Lessee has the right to
<br />assign this Lease provided:
<br />(a) Lessee has complied with all terms of this
<br />Lease.
<br />(b) Lessee transfers to the new owner all interest
<br />and ownership of the Lessee in the common
<br />stock of Kuester Lake, Inc.
<br />(c) The new Lessee agrees, in writing, to abide by
<br />the terms of the Lease so assigned, any new
<br />Lease of these premises, and to abide by the
<br />Agreement entered into by this Lessee's
<br />predecessors in title with Kuester Lake, Inc.
<br />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
<br />Lease for a 35 -year term. The term may be
<br />longer if consented to by the Lessor.
<br />(e) Any subleasing must have the Lessor's
<br />approval.
<br />(f) The Lessee has the absolute right to
<br />conditionally assign this Lease to any
<br />mortgagee for the purpose of furnishing such
<br />mortgagee additional security.
<br />5. Rent. The Lessee shall pay to Lessor, as annual rent,
<br />payable in advance and on or before July first each year, such rent
<br />as may be annually determined by the Lessor under the following
<br />formula:
<br />The annual rent shall be an amount, each year,
<br />equal to the 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 Lessor, but
<br />shall be uniform among all lessee - stockholders of Kuester Lake,
<br />Inc. In any event the annual rent of the Lessee shall not exceed
<br />One Hundred Dollars ($100.00) unless a majority of all lessee -
<br />stockholders of Kuester Lake, Inc. (one vote for each share),
<br />present and voting at a special meeting called for that purpose,
<br />shall approve the same.
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