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f <br />THIS AGRRMUM entered into between KURSTER LAU, INC., <br />LRSSOR, and EARL KILLZF1M and CHONG SOOK KILLED , husband and <br />wife as joint tenants, whether one or more, LRSSXX. <br />1. 1IRtIon. 9f Leaned : Lot 25 and the Southerly 10 <br />Peet of of 24 having a lake— front footage of 113 'Peet and <br />situated on the West side of the West portion of Kuester Lake, <br />and being on a part of the E#SWI, Section 13 -11 -9, West of the <br />6th P.M., in Hall County, Nebraska, bounded on the WEaterly side <br />by a common road, and as shown on a plat in the possession of the <br />Lessor. <br />2. perm of Lease: <br />year , commencing September A-, 1987, and terminating <br />3. Option to Extend Term: <br />Lessee has the option to extend the term of this Lease for an <br />additional-25 years by giving Lessor notice thereof, in writing, <br />by July 1, . <br />4. Right to Assignment of Lease: <br />Lessee has the right to assign this Lease provided: <br />(a) Lessee has complied with all terms of this <br />Lease. <br />(b) Lessee transfers to the new owner all <br />interest and ownership of the Lessee in the <br />common stock of Kuester Lake, Inc. <br />(c) The new Lessee agrees, in writing, to abide <br />by the terms of the Lease so assigned, any <br />new Lease of these premises, and to abide by <br />the Agreement entered into by this Lessee <br />with Kuester Lake, Inc. on or about November <br />4, 1974, the terms of which are incorporated <br />herein by reference. <br />(d) The new Lessee shall be entitled to a new <br />Lease for a 35 -year term. The term may be <br />longer if consented to by the Lessor. <br />(e) Any subleasing must have the Lessor's <br />approval. <br />(f) The Lessee has the absolute right to <br />conditionally assign this Lease to any <br />mortgage such mortgagee additional security. <br />5. Rent. <br />The Lessee shall pay to Lessor, as annual rent, payable in <br />advance and on or before July first each year, such rent as may <br />be annually the following formula: <br />The annual rent shall be an amount, each <br />year, equal to the result of dividing the <br />total number of residential lessee - <br />stockholder lots into that year's anticipated <br />net budget needs of the Lessor. <br />The computation of the annual rent shall be done by the Lessor, <br />but shall be uniform among all lessee - stockholders of Kuester <br />Lake, Inc. In any event the annual rent of the Lessee shall not <br />exceed One Hundred Dollars ( ;100.00) unless a majority of all <br />les - stockholders of Kuester Lake, Inc. (one vote for each <br />share), present and voting at a special meeting called for that <br />purpose, shall approve the same. <br />6. <br />The shall have access from the leased premises onto the <br />Lessor's roads and shall also have the right to use the lake for <br />