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2003105983 <br />December 1, 2003 <br />THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and <br />LARRY D. KEOWN, 9ti, LESSEE. <br />Lot Thirteen (13) and the North Half (N1/2) of Lot Fourteen (14), having a <br />lakefront footage of One Hundred Nineteen (119') Feet, more or less, <br />situated on the West side of the West portion of Kuester Lake, and being <br />on a part of the East Half of the Southwest Quarter (E1 /2SW 1 /4) of Section <br />Thirteen (13), Township Eleven (11) North, Range Nine (9), West of the 6th <br />P.M., in 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 December 1, 2003, and <br />terminating November 30, 2038. <br />3. Option to Fxtend Term: Lessee has the option to extend the term of this <br />Lease for an additional 35 years by giving Lessor notice thereof, in writing, by September <br />1, 2038. <br />4. Right to Assignment of as _: Lessee has the right to assign this Lease <br />provided: <br />(a) Lessee has complied with all terms of this Lease. <br />(b) Lessee transfers to the new owner all interest and ownership <br />of the Lessee in the common stock of Kuester Lake, Inc. <br />(c) The new Lessee agrees, in writing, to abide by the terms of <br />the Lease so assigned, any new Lease of these premises, <br />and to abide by the Agreement entered into by this Lessee's <br />predecessors in title with Kuester Lake, Inc. on or about <br />November 4, 1974, the terms of which are incorporated herein <br />by reference. <br />(d) The new Lessee shall be entitled to a new Lease for a 35- <br />year term. The term may be longer if consented to by the <br />Lessor. <br />(e) Any subleasing must have the Lessor's approval. <br />(f) The Lessee has the absolute right to conditionally assign this <br />Lease to any mortgagee for the purpose of furnishing such <br />mortgagee additional security. <br />5. Bent. The Lessee shall pay to Lessor, as annual rent, payable in advance and <br />on or before July first each year, such rent as may be annually determined by the Lessor <br />under the following formula: <br />The annual rent shall be an amount, each year, equal to the <br />result of dividing the total number of residential lessee - <br />stockholder lots 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 shall be uniform <br />among all lessee - stockholders of Kuester Lake, Inc. In any event the annual rent of the <br />Lessee shall not exceed One Hundred Dollars ($100.00) unless a majority of all lessee - <br />stockholders of Kuester Lake, Inc. (one vote for each share), present and voting at a <br />special meeting called for that purpose, shall approve the same. <br />