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<br />LEASE AGREEMENT
<br />THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and
<br />JA= K_ jFMTRS
<br />as joint tenants as tenants in common as so a owner strike out
<br />portion not applicable) whether one or more, LESSEE.
<br />1. Description of Leased Premises • Lots Eighteen (18) and Nineteen (19), having
<br />a lake front footage of 200 Feet, sitauted on the East side of the East portion of Kuester
<br />Lake and being on a part of the E�SEk in Section 13, Township 11 North, Range 9, West
<br />of the 6th P.M., in Hall County, Nebraska, bounded on the Easterly side by the cannon
<br />road; said Lots are shown on a plot in the possession of the Lender.
<br />2. Term of Lease:
<br />35 years, commencing April 25, 1985, and terminating
<br />April 24. 2020
<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 January 1, 2020.
<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 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. 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 ($100.00) unless a majority
<br />of all lessee- stockholders of KuesLer 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 />6. Access:
<br />i e Lessee shall have access :t:1CTI the leased prejilises (?I1t:I) the
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<br />Lessors roads and shall alga slave tEjta rigf,It tz:a u;o the ltiko
<br />Lfor boating, ,wiiiiiaing, aitd � I:; fllFl�;. These a,t ces!, 1- igliiLs .Iro i.I1
<br />�y gy�pp Prior with Lhe rather leaseholders at. KuesLer Lake.
<br />6a a [. • i.ol 1I�,�.4ask. -.s
<br />and Gltiy° p r i 1
<br />i.hC 8 Wish Lhe 1,(. "sbee or his prfr.'de,:e4isors III tit 4_' ma,,, il,ivl` llciii.
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