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r 87- 166871 LEASE AGREEMENT THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and ----- ---- ---- -- - - -- BETTY L. HOEFT--------------------------------------- t aMX*Wx4{}C}Ai4 WXkW t &JKxK %wgRX IXXWXZ30M=Z) l a s s o l e owner) l s t r i Ke ou portion not applicable) whether one or more, LESSEE. 1. Description of Leased Premises: (SEE ATTACHED EXHIBIT "A") 2. Term of Lease: 35 years, commencing November 27, 1987, and terminating Nnvamhar 26, 2022_ 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 1, 2022 . 4. Right to Assignment 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 for these premises, and to abide by the Agreement ent- ered 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 mortgagee for the purpose of furnishing such mortgagee additional security. 5. Rent: The Lessee shall pay to Lessor, as annual rent, payable in ad- vance 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 be an amount, each year, equal to the result of dividing the total num- ber of residential lessee - stockholder lots into that year's anticipated net budget needs of the Lessor. The computation of the annual rent shall be done by the Lessor, but shall be uniform among all lessee - stockholders of Kuester Lake, Inc. In any event, the annual rent of the Lessee shall not exceed One Hundred Dollars ($100.00) unless a majority of all lessee- stockholders of Kuester Lake, Inc. (one vote for each share), present and voting at a special meeting called for that purpose, shall approve the same. 6. Access: The Lessee shall have access from the leased premises onto the Lessor's roads and shall also have the right to use the lake L for boating, swimming, and fishing. These access rights are in common with the other leaseholders at Kuester Lake. 6a. Prior Leases: This Lease replaces and supersedes any prior Lease for said prem- ises which the Lessee or his predecessors in title may have held.