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LEASE AGREEMENT THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and-:= WA1?E R. ZERSEN and .HOLEY L-. ZERSEN: as point tenants lfsot portion, not applicable) whether- one or more, LESSEE. 1. -escri tion of Leased Premises: Lot 25 and the Southerly IO Feet of Int 24 having a lake front footage o Feet and situated on the West side of the West por- tion of Koester Lake, and being on a part of the E~SW~, Section Thirteen (13) Township, Eleven (llj North, Range Ni[ie (9), West of cne 6th- P.iti., in Hail C~ouniy, Nebras'~ca,. bounded oa the Westerly side by the common road, and as shown on a plat- in the posses lion of the Lessor. 2. Term of Lease: 35 years, commencing January I6, 1984 and terminating January 15, 2019 3. Option to Extend Term: Lessee has the opts on to extend the term of this Lease. for an additional 35 years by giving Lessor notice thereof, in writing, by July 1, 2018 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) Leasee transfers to the new owner all interest and ownership of the Lessee in the common stock of Koester 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 Koester Lake, Inc. on or about November 4, 1974, the terms of which are incorporated herein by reference. (d) The new Lessee shah 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 far 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 fallowing formula: The annual rent shall be an amount, each year, equal to the resulC of dividing the total num- ber of residential lessee-stockholder lots iota 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 alI lessee-stockholders of Koester Lake, Inc. In any event, the annual rent of the Lessee shall not exceed One Hundred Dollars 0100.00) unless a majority of all lessee-stockholders of Koester Lake, Inc. (one vote for each share}, present and voting at a special meeting called for- that purpose, shall approve the same. b:: Ac.ess: The Lessee shall have access €rom the leased premises onto the Lessor's xoads and shall also have the right to use the lake tar basting, swimming, a.nd fishing. These access rights are in common wi+~h tlse other leaseholders at Koester Lake. ~a. Yrior Leasee; iris east replaces and supersedes any prier Lease far said prem- . isea vhich.Che Lessee or hss predecessors in title may have held.