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2oo9o~s~; LEASE AGREEMENT oc-(a~ar Dated: ~ ~~, 2009 THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and KENNETH W. PATRICK and JOAN C. PATRICK, husband and wife as joint tenants, LESSEES. 1. Descriution of Leased Premises: Lot Number Twenty (20) having alake-front footage of Seventy Five (75) feet situated on the West side of the West portion of Kuester Lake located in the East Half of the Southwest Quarter (E1/2SW1/4) of Section Thirteen (13), in Township Eleven (11) North, Range Nine (9), West of the 6t" P.M., in Hall County, Nebraska such lots are as shown on a plat in possession of Lessor. 2. Term of Lease: Thirty-five (35) years, commencing October 1, 2009 and terminating September 30, 2044. 3. Option to Extend Term: Lessees have the option to extend the term of this Lease for an additional 35 years by giving Lessor notice thereof, in writing, by July 1, 2044. 4. Rioht toAssignment of Lease: Lessees have the right to assign this Lease provided: (a) Lessees have complied with all terms of this Lease. (b) Lessees transfer to the new owner all interest and ownership of the Lessees in the common stock of Kuester Lake, Inca (c) The new Lessees agree, in writing, to abide by the terms of the Lease so assigned, any new Lease of these premises, and to abide by the Agreement entered into by this Lessee's predecessors in title with Kuester Lake, Inc. on or about November 4, 1974, the terms of which are incorporated herein by reference. (d) The new Lessees shall be entitled to a new Lease fora 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 Lessees have the absolute right to conditionally assign this Lease to any mortgagee far the purpose of furnishing such mortgagee additional security. 5. Rent. The Lessees shall pay to Lessor, as annual rent, payable in advance and on or before July first each year, such rent as may be annually determined by the Lessor under the following formula: The annual rent shall be an amount, each year, equal to the result of dividing the total number of residential lessee-stockholder lots into 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 all lessee-stockholders of Kuester Lake, Inc. to any event the annual rent of the Lessees shall not exceed One Hundred Dollars ($100.00) unless a majority of all lessee-stockholders of Kuester Lake, Inc. (one vote for each share), present and voting at a special meeting called far that purpose, shall approve the same. 6. Access. The Lessees shall have access from the leased premises onto the Lessor's roads and shall also have the right to use the lake for boating, swimming, and fishing. These access rights are in common with the other leaseholders at Kuester Lake. 6a. Prior Leases. This Lease replaces and supersedes any prior Lease for said premises which the Lessees or their predecessors in title may have held.