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<br />THIS AGREEMENT entered into between. KUESTER LAKE, INC., LESSOR,
<br />Francis E.Fulton and June E. FUlton
<br />(as joint. tenan. tsl ....L~ ~eft_t:a -i:ft. ceftlllel'll--f_~se],e"';etffleJ!'l- (strikE! out
<br />portion not applicSm'i) whether one or more, LESSEE~ .
<br />Southerly one-half of Lot IS; and: all of L6td
<br />1. Description of leased premises: 16, having a lake frontfootag~of70;feet;
<br />sii:uated: on the East side of the East portion of Kuester Lake andbeil'igona,pilrt
<br />of the ~~ in. Section 13, Township 11, Range 9, in Hall County, Nebr., bounded
<br />the Easterly side by the common road; such lot is as shown ona plat in the
<br />2~ Term of lease: possession of the Lessor
<br />~years, commencing MP>r,..h 1 Q7"i and terminating
<br />February 28, 2010
<br />
<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, 2009.
<br />
<br />
<br />I
<br />
<br />March 1, 1975
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<br />83-005029
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<br />LEASE AGREEMENT
<br />
<br />-.;;~
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<br />,,..?,--,,.,, ~
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<br />4. Riaht to assianment 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 50 assigned, any new lease for
<br />these pr&~ses, and to abide by the Agreement
<br />entered into by this Lessee with Kuester Lake, Inc.
<br />on or about November 4, 1974, the terms of which
<br />are incorporated herein by reference.
<br />(d) The new Lessee shall be e~titled 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 sub-leasing 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 furnis~ng such mortgagee additional security.
<br />
<br />5. Rent:
<br />
<br />
<br />The Le~see shall pay to Lessor, as annual rent, payable in
<br />advance and on or before July first each year, such rent as
<br />may be annually determined by the Lessor under the following
<br />formula;
<br />The annual rent shall be an amount, each year,
<br />equal to the result of dividing the total
<br />number of residential lessee-stockholder lots
<br />into that year's anticipated net budget needs
<br />of the Lessor.
<br />
<br />The computation of the annual rent shall be done by the
<br />Lessor, but shall be uniform among all lessee-stockholders
<br />of Kuester Lake, Inc. In any event, the annual rent of
<br />the Lessee shall not exceed One Hundred Dollars ($100.00)
<br />unless a majority of all lessee-stockholders of Kuester
<br />Lake, Inc. (one vote for each share), present and voting
<br />at a special meeting called for that purpose, shall
<br />approve the same.
<br />
<br />6>. ~;
<br />The~eBsee shall have access from the leased premises onto
<br />the Lessor's roads and shall also have the right to use
<br />the. lake for boating, swimming and fishing. These access
<br />rightsar9 in common with the other leaseholders at
<br />Xuut.er Lake.
<br />
<br />~f'~';
<br />'1'hJ.s.le~Uie replace. ana. supersedes any pri9r lease for said
<br />prelid.,...wnich the lesaee or his predece$BOrS in title may
<br />h&V.beJ.a..
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