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<br />200708127 <br /> <br />14. Termination of Lease bv Default of Lessee. If the Lessees fail, after ninety <br />(90) days prior written notice from the Lessor, to remedy any default in his or her <br />compliance with any of the obligations binding upon him or her under this Lease <br />Agreement, or under the Rules and Regulations furnished him or her by the Lessor, the <br />Lessor may, at its option, terminate this Lease and retake possession of the leased <br />premises but only after the following procedure has been complied with: <br /> <br />(a) A special meeting of all stockholders of Lessor shall be called <br />by the Board of Directors of Lessor, and written notice of such <br />meeting and its purposes be given all such stockholders. <br />Such meeting shall be called for the purpose of determining <br />by majority vote of the stockholders of Lessor, present and <br />voting, as to whether or not termination of Lessee's Lease <br />should be made because of a default by the Lessees. At <br />least ten (10) days written notice shall be given of any such <br />meeting, and the Lessees shall be given full opportunity to <br />show why his or her Lease should not be terminated. <br /> <br />(b) If a majority of the stockholders of Lessor, present and voting <br />at such meeting, determines that Lessees are in default under <br />their Lease and that the same should be terminated, the <br />Lessees shall have one hundred twenty (120) days within <br />which to remove his or her improvements on said premises; <br />and, if he or she fails to remove the same within such 120 <br />days, the Lessor and the Lessees shall join in a public auction <br />of the improvements remaining upon said leased premises, <br />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 <br />by Lessees to Lessor; <br /> <br />SECOND any remaining proceeds, subject to the rights of <br />mortgagees, shall be paid to the Lessees. The Lessor agrees to give a new <br />Lease to a suitable purchaser at such public auction. <br /> <br />THIS LEASE AGREEMENT shall bind the Lessor and the Lessees and their <br />personal representatives, successors, devisees, legatees, heirs-at-Iaw, and assigns. <br /> <br />KUESTER LAKE, INC. <br /> <br /> <br />LESSOR <br /> <br />~.e~ <br /> <br />Eric R. Christensen <br /> <br />~ -1(. CCLu...AJ.e vLA~(.,L.... <br />Cynthia L. Christensen <br /> <br />LESSEE <br />