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200542681 <br />MEMORANDUM OF LEASE <br />THIS IS A MEMORANDUM OF LEASE by and between Dale M. Schwader and Peggy M. Schwader, <br />joint tenants with right of survivorship (collectively, "Landlord "), and Grand Island Bickford Cottage, <br />LLC, a Kansas limited liability company ( "Tenant "). Landlord has demised and let to Tenant, and hereby <br />demises and lets to Tenant, and Tenant has taken and leased and hereby takes and leases from Landlord <br />the premises herein described for the term herein stated, for the rent and upon the terms and conditions of <br />that certain Lease by and between Landlord and Tenant of even date herewith (as the same may hereafter <br />be amended, modified, supplemented or restated, the "Lease ") upon the following terms: <br />Landlord: Dale M. Schwader <br />Peggy M. Schwader <br />4244 W.124 1h Terrace <br />Leawood, KS 66209 <br />Tenant: Grand Island Bickford Cottage, LLC <br />13795 S. Mur -Len Road, Suite 301 <br />Olathe, KS 66062 <br />Date of Lease: Dated as of March 15, 2005 <br />Copies of Lease are on file in offices of Landlord and Tenant <br />Description <br />of Leased <br />Premises: Lot 1, BRENTWOOD SIXTH Subdivision, in the City of Grand Island, Hall <br />County, Nebraska. <br />Date of <br />Commencement <br />of Term: March 15, 2005 <br />Date of <br />Expiration <br />of Term: March 14, 2010 <br />Renewal <br />Rights: The Lease will automatically renew for three (3) Renewal Terms of five (5) years <br />each, unless earlier terminated by Tenant at least one hundred eighty (180) days <br />before the expiration of any Term, as provided in the Lease. <br />Right of First <br />Refusal: Tenant may exercise a right of first refusal as and to the extent provided in the <br />Lease. <br />Right to <br />Purchase: Tenant may exercise a right to purchase the Leased Premises at any time after the <br />fifth anniversary of the Commencement Date. <br />Notice is hereby given that Landlord shall not be liable for any labor, services or materials <br />furnished or to be furnished to Tenant, or to anyone holding any of the Leased Premises through or under <br />Tenant, and that no mechanic's or other liens for any such labor, services or materials shall attach to or <br />affect the interest of Landlord in and to any of the Leased Premises. <br />KC- 1259210 -3 <br />