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<br />84 ........
<br />
<br />003077
<br />
<br />LEASE AGREEMENT
<br />
<br />May 18, 1984
<br />
<br />THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and
<br />
<br />ROBERT D, SINSEL and MARY C, SINSEL, husband and wife,
<br />{as JOlnt tenants; (aaxxRKaxxsxxwx:.....) (a5xs5t.X~~) (str~ke out
<br />portion not applicable) whether one or more, LESSEE.
<br />
<br />1. Descri ,::ion of Leased Premises:
<br />
<br />2, Term of Lease:
<br />-1i- years, commenclng
<br />Mav 17, ,2019
<br />
<br />~jav 18
<br />
<br />1984,
<br />
<br />
<br />and terminating
<br />
<br />3, Option to Extend Term:
<br />l~gse~ h8~ the ont1on to pxtend the term of this Lease for an
<br />additional 35 ve~rs by giving Lessor notice thereof, in writing:c,
<br />by July 1, 2018 .
<br />
<br />-4.
<br />
<br />Right to
<br />Lessee
<br />(a)
<br />(b)
<br />
<br />(c)
<br />
<br />Assignment of Lease:
<br />has the rlght to assign this Lease provided:
<br />Lessee has complied with all terms of this Leasa.
<br />Lessee transfers to the new owner all interest and
<br />oINnerahip of t.." Lessee in the COlIlll,on stock of
<br />Kuester L...ake, inc.
<br />The new Lessee agrees, in writing, to abide by the
<br />terms oi the Lease so assigned, any new Leaae fOI'
<br />these. premises, and to abide by the A&reeIll~ntfl~;~rCyt'
<br />ered wto by this Lessee with Kuester take. 1:nC:;;Q,~"
<br />or about November 4, 1974, the terms of whic~.t~;
<br />Bleorporated herein by reference. .,,' . .... ,c
<br />The new Leuee shall be entitled to a nll.w Le<1Ul.efQT~:
<br />,'I 35-year term. The term may be longer if COIt.lU~c
<br />to by the Lessor,
<br />All'! subleasing must have the Lessor's approva:~;':'c
<br />The Lessee hall the absolute right to conditiotlJ;it.J::Y<
<br />ass isn thi s l.ease to any mortgagee for theput:"J.tP~~~h:t
<br />oi furnishing such mortgagee adtUtiona.l aecurie}'.'
<br />
<br />(d)
<br />
<br />(e)
<br />(f)
<br />
<br />5, Rent:
<br />The Lessee shall yay to Lessor, as anl11.1aJ tent.Pllty'_~l<
<br />vance and on or before July first each yea,r, &i,I'C.hi: ...,
<br />annually determined by the Lessor un4er the follow
<br />The annual rent shall be an amo\Wt. ea'cn Y.A!.:t~
<br />equal to the result of dividing the totliln."
<br />ber or resi.dential lessee-stockholder lot$ \l.1.1::()
<br />tbat year's anticipated n€t budget ne-eds of tl'tec
<br />Le ssor,
<br />The computation of the annual rent shall be done by the; Li;!-si>?l'.
<br />but shall be uniform among all lessee-stockholders of Kttest.er
<br />Lake, Ine, In any event, the aanua 1 ren t of the Lessee shall
<br />not exceed One Hundred Dollars ($100.00) unless a majority
<br />of all lessee-stockholders of Kuester Lake, Ine, (one vote for
<br />each share), present and voting at a special meeting called
<br />for that purpose, shall approve the same,
<br />
<br />6, Access:
<br />~essee shall have access from the leased premises ont~ the
<br />Lessor's roads and shail also have the right to use the lake
<br />for boating, swimtning, and fishing. These access rights are in
<br />common wi tll the other le.aseho lders at Kues ter Lake.
<br />
<br />04 .l'r lor !"eues:
<br />~.ilsTreplllces und supersedes any prior LNlse for said prem-
<br />tSe'i which the Lessee or his predecessors in title may hsve held.
<br />
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