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100162
<br />LEASE AGREEMENT
<br />THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and
<br />----- LeRO W. MORTON and LINDA L. MORTON, husband and wife ,- -°------ - - - - --
<br />s joint tenants � cx:aac ��axa>m��� strike out
<br />portion not applicable) whether one or more, LESSEE.
<br />1' Description of Leased Premises: Lot 7, having a lake front footage of 86 feet,
<br />situated on the East side of the West portion of Kuester Lake, and being a part of the
<br />in Section 13, Township 11, Range 9, in Hall County, Nebraska, bounded on the
<br />Easterly side by the ommn road; such lot is as shown on a plat in the possession, of
<br />the Lessor and as shown on survey dated June 2, 1986, and attached hereto.
<br />-2. Term of Lease:
<br />3; years, commencing Jannary_1,,_19R7, and terminating
<br />Degembgr 31, 2021,
<br />3. Option to Extend Term:
<br />Lessee has the option to extend the term of this Lease for an
<br />additional 35 years by giving Lessor notice thereof, in writing,
<br />by July 1, 2021 .
<br />4. Right to Assignment of Lease:
<br />Lessee has the right to assign this Lease provided:
<br />(a) Lessee has complied with all germs of this Lease.
<br />(b) Lessee transfers to the new owner all interest and
<br />ownership of the Lessee in the common stock of
<br />Kuester Lake, Inc.
<br />(c) The new Lessee agrees, in writing, to abide by the
<br />terms of the Lease so assigned, any new Lease for
<br />these premises, and to abide by the Agreement ent-
<br />ered into by this Lessee with kuester Lake, Inc. on
<br />or about November 4, 1974, the terms of which are
<br />incorporated herein by reference.
<br />(d) The new Lessee shall be entitled to a new Lease for
<br />a 35 -year term. The term may be longer if consented
<br />to by the Lessor.
<br />(e) Any subleasing must have the Lessor's approval.
<br />(f) The Lessee has the absolute right to conditionally
<br />assign this Lease to any mortgagee for the purpose
<br />of furnishing such mortgagee additional security.
<br />5
<br />6.
<br />6a.
<br />Rent
<br />The Lessee shall pay to Lessor, as annual rent, payable in ad-
<br />vance and on or before July first each year, such rent as may be
<br />annually determined by the Lessor under the following formula:
<br />The annual rent shall be an amount, each year,
<br />equal to the result of dividing the total num-
<br />ber of residential lessee - stockholder lots into
<br />that year's anticipated net budget needs of the
<br />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
<br />not exceed One }hundred Dollars ($1.00.00) unless a majority
<br />of all lessee-stockholders of Kuester Lake, Inc. (one vote for
<br />each share), present and voting at a special meeting called
<br />for that purpose, shall approve the same.
<br />Access:
<br />-liim"1,essee shall. have access frnrn the 1eased premises onty the
<br />Lessor's roads and shall also have the right to use tale lake
<br />for boating, swimming, acid I ishitig. *I'hese nccce9s rights are i11
<br />common with the other leaseholders at Koester Lako.
<br />Prior Lenses:
<br />111 % l ease replaces and s 'pvt',efjf'!� 9Yt1S' [Ili r)r t,e'rt�r• t <v +s3 a t{ tit c rt_
<br />ses which the lessee or 11is prpdf,cvFiR,ors 'sn tit 1e mziy >fe hr: °lti.
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