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88- 106325 LEASB AGRBBMBIlT THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and KENNETH H. KOEPKE and GERALDINE E. KOEPKE, husband and wife as joint tenants, whether one or more, LESSEE. l. Description of Leased Premises: Lot One (1), Kuester's Lake, a part of the East One-Half of the Southwest Quarter (EtSWi) of Section Thirteen (l3), Township Eleven (ll) North, Range Nine (9), West of the 6th P.M., Hall County, Nebraska, having a lake front footage of Ninety-Four (94) Feet, being more particularly described as follows: With reference to the Northeast corner of said Etswi (the center of the section); thence running westerly on the North line of said EtswL bearing N 00 degrees 00 "' W a distance of 699.l2 Feet; thence running Southerly bearing SOl" 29'33" E, a distance of 39.24 Feet to the point of beginning: thence continuing Southerly on aforesaid line, a distance of 187.80 Feet; thence bearing S87" lO' 30" E a distance of 44.00 Feet; thence bearing N 22" 48' 56" E, a distance of 37.00 Feet; thence bearing N 340 49' 32" E, a distance of 24.00 Feet: thence bearing N 6l" 59' 44" E, a distance of 24.00 Feet; thence bearing N 00 degrees 35' 37", a distance of 5l.65 Feet; thence N 890 24' 23" E, a distance of 24.00 Feet; thence N 00 degrees 35' 37" E, a distance of 70.00 Feet; thence N 87" 46' 08" W, a distance of 75.40 Feet, to the point of beginning. such lot is as shown on a plat in possession of Lessor. 2. Term of Lease: 35 years, commencing December l, 1988, and terminating November 30, 2023. 3. Option to Extend Term: Lessee has the option to extend the term of this Lease for an additional 35 years by giving Lessor notice thereof, in writing, by July l, 2023. 4. Riqht to AssiQnment of Lease: Lessee has the right to assign this Lease provided: (a) Lessee has complied with all terms of this Lease. (b) Lessee transfers to the new owner all interest and ownership of the Lessee in the common stock of Kuester Lake, Inc. (c) The new Lessee agrees, in writing, to abide by the terms of the Lease so assigned, any new Lease of these premises, and to abide by the Agreement entered into by this Lessee with Kuester Lake, Inc. on or about November 4, 1974, the terms of which are incorporated herein by reference. (d) The new Lessee 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 Lessee has the absolute right to conditionally assign this Lease to any mor~tgagee for the purpose of furnishing such mortgagee additional security. 5. Rent. The Lessee shall pay to Lessor, as annual rent, payable in advance and on or before July first each year, such rent as may be annually determined by the Lessor under the following formula: The annual rent shall bean amount, each year, equal to the result of dividing the total number of residential lessee-