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f\ :- ~ I 10 Q-Sr->> m ." c: m (I".... Z n:r: n '" :E: Q 0 ~ ~ ~I c..., SU ~ :c 0 '""" g 0(1) , ~ o.~ tJ\ ~~ c:);>o- ::3 :z:---l 0 ~ -Irn ~~ -c -<0 N 0"'" ~I w ""z it :x:rn -0 );:o-CO r::.u :3 r);:o- (I) c:..:> :::00; li"' c.o..... c,..:) -- .....z c.o C:/) (1) 0 N S S 0') S .j::::. 01 <D ... LEASE AGREEMENT Dated: MA Y 22 ,2006 ~ C' ('~ THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and SCOTI V AN WIE and JANA V AN WIE, husband and wife as joint tenants, LESSEES. 1. Description of Leased Premises: Lots Twenty-Four (24), Twenty-Five (25) and Twenty-Six (26), having a Lake Front Footage of2l5 Feet, Situated on the West side of the East Portion of Kuester Lake and Being on a Part of the East Half of the Southwest Quarter (E1I2SWl/4) in Section Thirteen (13), Township Eleven (11) North, Range Nine (9) West ofthe 6th P.M., Hall County, Nebraska, bounded on the Westerly side by the common road such lots are as shown on a plat in possession of Lessor. 2. Term of Lease: Thirty-five (35) years, commencing terminating MAY 21. 2041 MAY 22, 2006 , and 3. Option to Extend Term: Lessees have the option to extend the tenn ofthis Lease for an additional 35 years by giving Lessor notice thereof, in writing, by FEBRUARY 1. 2041 4. Rie:ht to Assie:nment of Lease: Lessees have the right to assign this Lease provided: (a) Lessees have complied with all tenns of this Lease. (b) Lessees transfer to the new owner all interest and ownership of the Lessees in the common stock of Kuester Lake, Inc. ( c) The new Lessees agree, in writing, to abide by the tenns of the Lease so assigned, any new Lease of these premises, and to abide by the Agreement entered into by this Lessee's predecessors in title with Kuester Lake, Inc. on or about November 4,1974, the tenns of which are incorporated herein by reference. (d) The new Lessees 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 Lessees have the absolute right to conditionally assign this Lease to any mortgagee for the purpose of furnishing such mortgagee additional security. 5. Rent. The Lessees shall pay to Lessor, as annual rent, payable in advance and on or before July first each year, such rent as may be annually detennined by the Lessor under the following formula: The annual rent shall be an amount, each year, equal to the result of di viding the total number of residential lessee-stockholder lots into that year's anticipated net budget needs of the Lessor.