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<br />200604591 <br /> <br />Regulations furnished him or her by the Lessor, the Lessor may, at its option, terminate this Lease <br />and retake possession of the leased premises but only after the following procedure has been <br />complied with: <br /> <br />(a) A special meeting of all stockholders of Lessor shall be called by the <br />Board of Directors of Lessor, and written notice of such meeting and <br />its purposes be given all such stockholders. Such meeting shall be <br />cal1ed for the purpose of detennining by majority vote of the <br />stockholders of Lessor, present and voting, as to whether or not <br />tennination of Lessee's Lease should be made because of a default by <br />the Lessees. At least tcn (10) days written notice shan be given of <br />any such meeting, and the Lessees shall be given full opportunity to <br />show why his or her Lease should not be tenninated. <br /> <br />(b) If a majority of the stockholders of Lessor, present and voting at such <br />meeting, detcnnines that Lessees are in default under their Lease and <br />that the same should be terminated, the Lessees shall have onc <br />hundred twenty (120) days within which to remove his or her <br />improvements on said premises; and, ifhe or she fails to remove the <br />same within such 120 days, the Lessor and the Lessees shall join in a <br />public auction of the improvements remaining upon said leased <br />premises, and the net proceeds from any such sale shall be applied as <br />follows: <br /> <br />FIRST in the payment of any unpaid rents or other amounts owing by <br />Lessees to Lessor; <br /> <br />SECOND any remaining proceeds, subject to the rights of mortgagees, shall <br />be paid to the Lessees. The Lessor agrees to give a new Lease to a suitable <br />purchaser at such public auction. <br /> <br />THIS LEASE AGREEMENT shall bind the Lessor and the Lessees and their personal <br />representatives, successors, devisees, legatees, heirs-at-Iaw, and assigns. <br /> <br />KUESTER LAKE, INC. <br /> <br /> <br />LESSOR <br /> <br />~I} <br /> <br />Scott Van Wie <br /> <br />(,., <br /> <br />U~ [elt ~ <br /> <br />~ <br />JV" 'Wie <br /> <br />(/~'D <br /> <br />LESSEE <br /> <br />STATE OF NEBRASKA ) <br />) ss. <br />COUNTY OF HALL ) <br /> <br />The foregoing instrument was acknowledged before me this 22ND day of <br />MAY ,2006, by Jane Richardson, president of Kuester Lake, Inc., a Nebraska <br />corporation, on behalf of the corporation. <br /> <br /> <br />~~C1~" <br /> <br />GENfRAL NOTARY. State of Nebraska <br />DUANE A. BURNS <br />Comm. . March 28 2008 <br /> <br />Notary Public <br />