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<br /> LEASE AGREEMENT
<br /> Dated: OCTOBER 28, 2005 ,2005
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<br />THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and
<br />GORDON H. PEDERSEN and PAMELA M. PEDERSEN, husband and wife as joint
<br />tenants, LESSEES.
<br />
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<br />
<br />I. Description of Leased Premises:
<br />
<br />Lot Eighteen (18), having a lake front footage of Seventy-Five (75') Feet,
<br />which said lot is situated on the East side of the West portion of Kuester
<br />Lake, and being on a part of the East Half of the Southwest Quarter
<br />(E1/2SW1/4) of Section Thirteen (13), in Township Eleven (11) North, Range
<br />Nine (9), West of the 6th P.M., in Hall County, Nebraska, and is bounded on
<br />the Easterly side by the common road,
<br />
<br />such lot being as shown on a plat in possession of Lessor.
<br />
<br />2. Term of Lease: Thirty-five (35) years, commencing October 28, 2005, and
<br />terminating October 27, 2040.
<br />
<br />3. Option to Extend Term: Lessees have the option to extend the term of this
<br />Lease for an additional 35 years by giving Lessor notice thereof, in writing, by July 1, 2040.
<br />
<br />4. RiQht to Assianment of Lease: Lessees have the right to assign this Lease
<br />provided:
<br />
<br />(a) Lessees have complied with all terms of this Lease.
<br />(b) Lessees transfer to the new owner all interest and ownership
<br />of the Lessees in the common stock of Kuester Lake, Inc.
<br />(c) The new Lessees agree, in writing, to abide by the terms of the
<br />Lease so assigned, any new Lease of these premises, and to
<br />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 Lessees 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 Lessees have the absolute right to conditionally assign
<br />this Lease to any mortgagee for the purpose of furnishing such
<br />mortgagee additional security.
<br />
<br />5. Rent. The Lessees 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 />
<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 of
<br />the Lessor.
<br />
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