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<br />,..,. <br />t:,' <br />;:~:; <br /> <br />nn <br />:x: > <br />m en <br />n::c <br />~ <br /> <br /> .~ <br /> "'~;> ('") /JJ <br /> <::.-:> <br /> "-., ~ 0 --t <br /> .......::,z, c:;:) c: p. <br /> :z: -i <br />:::0 1-" '. = ~ rT1 <br />1""1 c.~- --; <br />C) .,-""'''- -< cp <br /> ~ 0 '"T] <br />o \ ...-.. -'1 <br />.." <br /> O. ~- <br />Q ...i..~ I'll <br />rTl ~ i) ::0 :to. en <br />r'T1 t ::3 r ;:0 <br />0 r- )> <br />if) ...-.. (f) <br /> D /<: <br /> I> <br /> -Ii: ---- <br /> <::) U'l <br /> (j') <br /> <br />;;v <br />m <br />.." <br />C <br />206 <br />ri'I .II'"' ~., <br />ncn <br />~:c <br /> <br />,:'.~ <br />);:.. <br />(;') <br />r':'1 <br />-4 <br />=~~ <br />r- <br />I'T1 <br />V) <br />r'M <br />;0 <br />~ <br />C") <br />fTI <br />en <br /> <br />N <br />IS <br />G <br />-...J <br />IS <br />ex> <br />W <br />-...J <br />~ <br /> <br /> <br />LEASE AGREEMENT <br />S"1' ....... /l,. 8'.. <br />Dated: Ootobor j,. , 2007 <br /> <br />THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and <br />LARRY K. FROST and VICKY L. FROST, husband and wife as joint tenants, LESSEES. <br /> <br />1. Description of Leased Premises: <br /> <br />Lot One (1), having a lake front footage of 240 feet situated on the East <br />side of the Westerly portion of Kuester Lake and being on a part of the East <br />Half of the Southwest Quarter (E1f2SW~) in Section Thirteen (13), <br />Township Eleven (11) North, Range Nine (9) West of the 6th P.M., Hall <br />County, Nebraska, bounded on the Easterly side by the common road, <br /> <br />such lots are as shown on a plat in possession of Lessor. <br /> <br />2. Term of Lease: Thirty-five (35) years, commencing October 1, 2007 and <br />terminating September 30,2042. <br /> <br />3. Option to Extend Term: Lessees have the option to extend the term of this <br />Lease for an additional 35 years by giving Lessor notice thereof, in writing, by July 1, <br />2042. <br /> <br />4. Riaht to Assignment of Lease: Lessees have the right to assign this Lease <br />provided: <br /> <br />(a) Lessees have complied with all terms of this Lease. <br />(b) Lessees transfer to the new owner all interest and ownership <br />of the Lessees in the common stock of Kuester Lake, Inc. <br />(c) The new Lessees agree, in writing, to abide by the terms of <br />the Lease so assigned, any new Lease of these premises, <br />and to abide by the Agreement entered into by this Lessee's <br />predecessors in title with Kuester Lake, Inc. on or about <br />November 4, 1974, the terms of which are incorporated herein <br />by reference. <br />(d) The new Lessees shall be entitled to a new Lease for a 35- <br />year term. The term may be longer if consented to by the <br />Lessor. <br />(e) Any subleasing must have the Lessor's approval. <br />(f) The Lessees have the absolute right to conditionally assign <br />this Lease to any mortgagee for the purpose of furnishing <br />such mortgagee additional security. <br /> <br />5. Rent. The Lessees shall pay to Lessor, as annual rent, payable in advance <br />and on or before July first each year, such rent as may be annually determined by the <br />Lessor under the following formula: <br /> <br />The annual rent shall be an amount, each year, equal to the <br />result of dividing the total number of residential lessee- <br />stockholder lots into that year's anticipated net budget needs <br />of the Lessor. <br /> <br />C) ~ <br />N [ <br />C> <br />CJ G;- <br />--.l - <br />C> ~ <br />co <br />(...) ~ <br />--.l <br />-c ~ <br />\; <br />~ <br />