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<br />leaseholders (one vote per Lease). <br /> <br />88- 106325 <br /> <br />13. Termination of Lease by Default of Lessee. <br />If the Lessee fails, after ninety (90) days prior written notice <br />from the Lessor, to remedy any default in his or her compliance <br />with any.of the obligations bindi~g upon him or her under this <br />Lease Agreement, or under the Rules and Regulations furnished him <br />or her by the Lessor, the Lessor may. at its option, terminate <br />this Lease and retake possession of the leased premises but only <br />after the following procedure has been complied with: <br />(a) A special meeting of all stockholders of <br />Lessor shall be called by the Board of <br />Directors of Lessor, and written notice <br />of such meeting and its purposes be given all <br />such stockholders. Such meeting shall be <br />called for the purpose of determining by <br />majority vote of the stockholders of Lessor, <br />present and voting, as to whether or not <br />termination of Lessee's Lease should be made <br />because of a default by the Lessee. At least <br />ten (10) days written notice shall be given <br />of any such meeting, and the Lessee shall be <br />given full opportunity to show why his or her <br />Lease should not be terminated. <br />(b) If a majority of the stockholders of Lessor, <br />present and voting at such meeting, <br />determines that Lessee is in default under <br />his Lease and that the same should be <br />terminated, the Lessee shall have one hundred <br />twenty (l20) days w-tthin which to remove his <br />or her improvements on said premises; and, if <br />he or she fails to remove the same within <br />such l20 days, the Lessor and the Lessee <br />shall join in a public auction of the <br />improvements remaining upon said leased <br />premises, and the net proceeds from any such <br />sale shall be applied as follows: <br /> <br />FIRST in the payment of any unpaid rents or <br />other amounts owing by Lesses to Lessor; <br /> <br />SECOND any remaining proceeds, subject to the <br />rights of mortgagees, shall be paid to the <br />Lessee. The Lessor agrees to give a new <br />Lease to a suitable purchaser at such public <br />auction. <br /> <br />THIS LEASE AGREEMENT shall bind the Lessor and the Lessee <br />and their personal representatives, successors, devisees, <br />legatees, heirs-at-law, and assigns. <br /> <br />KUESTER LAKE, INC. <br /> <br />BYC)E~jy1'~ <br />I S President <br /> <br />:j <br />:'.j <br />! <br />'I <br /> <br /> <br />-3- <br />