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79~- ~#~:il.:~.~ !° ~ ~ LEASE AGREE.'~iENT THIS AGREE'~ENT entered into between KUr:STER LAKE, INC., LESSOR, and k, ..Floyd A. Gearhart and Etta S. Gearhart husband and wife (as ~oinz tenants} bes~~w~x~~;mcx} ~~,~} (strike out E portion not applicable}.whether one or mare, LESSEE. Lot 7, having a lake front: footage of 8b 1. Description of leased premises: Feet, situated on the East side of the West portion of Kuester Lake, and being on a part of the E~SW~ in 5Ection 13.,Town- -ship 11, Range 4, in Ha11 COunty, Nebraska, bounded on the Easterly side by the common road; such lot is as shown on a plat in the possession of the Lessor 2. Term of lease: ~~ 'j 35 years; commencing Sentembg~,17. 7 979 and terminating ~ September 16s 2014 , 3. Option to extend term: Lessee has the option to extend the term of this lease far an j additional 35 years by giving Lessor notice thereof, in writing,. ~ by fly 1, %e~8x 2013. 4. _R_ia13t to assignment of Lease: :.~essee has the right to assign this lease provided - (a} Lessee has complied with all terms of this lease. (b) Lessee transfers to the new owner all interest and . o~Nnership of the Lessee in the common stock of Kuester Lake, Inc. (c) The new Lessee egress, in writing, to abide by the terms of the lease so assigned, any new lease for these premises, and to abide by the Agreement entered into by this Lessee with Kuester Lake, Irc. • an or about Novembeb 4, 1974, the terms of which: ors incorporated herein by reference. (d} The new Lessee shall be entitled to a new lease for •a 35 year term. The term .,gay be longer if consented to by the Lessor. (e} Any sub-leashg ;,,ust have the Lessor's approval. (f) The Lessee has the absolute right to conditionally assign t.is -lease to any mortgages for the gurpasa of furnishing such mortgagee additional sac~:rity. :. R°n : i=~~ i.ess~~ ztns`;11 _nLcr ~o ;,~~~n__r ~~ ~.~__°~ ~ ~ a' _ °.~~b1F " advance and on or before July first each ye` ~ r~~~ i.; fir, such rent is ~a may bs aually determined by the Lessor under the f~sllowix~ fa.:~;a:.a: Ths annual rent shaii be ar, 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 t,~a Lessor, but shall ba uniform among all lessee-stockholders of KuESter Lake, Irc. In any event, the annual rent or the Lessee shall not exceed One Hundred Dollars ($100,00) unless a r~iajority of ail lessee-stockholders of Kuester Lake, Inc. (one vote far each share), present and voting ~ at a spacial meeting called for that purpose, shall ;T~g_.~- approve the same. y~~ ~' . _ The Lessee 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 ors in4common with fibs other leaseholders at Kuester Laka. This lease replaces ane3 supersedes any prior lease far said premises which the lessee or his predecaseors in title may have held<