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TO HATdE AND TO HOLD for a term of five years commencin;~ on the. 15th day of March, 1977, and ending March 14, 1982, with suct~e lease terminating on safd date without further notice, unless such Lease is sooner terminated, as hereinafter provided. IT IS FURTHER AGREED BY AIVD BE'IWEEiQ THE PARTIES HERETO AS FOLLOWS: 1. Consideration. The Lessee covenants and agrees to pay the Lessors, at such place as may be designated by the Lessors, a rental in the total amount of Two Hundred Fifteen Thousand Three Hundred Sixty- Five Dollars and 17/100 ($215,365.17) in cash for the entire five-year term, payable as follows: On March 15, .Tune 15, September 15 and De- cember 15, 1977, like payments of Nine Thousand Three Hundred Sixty- Two Dollars and 50/100 ($9,362.50); on March 15, June 15, Sept. l5 and December 15, 1978, like payments in the amount of Ten Thousand Seven- teen Dollars and 88/100 ($10,017.88}; on March 15, June 15, September I5 and December 15, 1979, like payments of Ten Thousand Seven Hundred Nineteen Dollars and 13/100 ($10,719.13); on March 15, June 15, Septem- ber 15 and December 15, 1980, like payments of Eleven Thousand Four Hundred Sixty-Nine Dollars and 46/i00 ($11,469.46); on March 15, June 15, September 15 and December 15, 1981, like payments of Twelve Thou- sand Two Hundred Seventy-Two Dollars and 33/100 ($12,272.33). Such payments shall be made directly to Arthur P. Terry and Maxine M. Terry, or to whomever they direct in writing. 2, Repairs. The Lessee agrees to keep in a state of good repair and maintain and keep alI of the improvements on such premises in good working order and repair, all at the expense of the Lessee. At the expiration of the lease, the Lessee will deliver such premises and the improvements thereon to the Lessors in good condition including but not limited to all mechanical improvements thereon, including windmills, water systems, electrical systems, plumbing and sewer sys- tems, (including pumping of the septic tank), heating systems, in good working order, EXCEPTING THAT all repairs to the roofs of the structures and structural repairs that might be required or repairs that might be required due to the happening of fire or other casualty shall be per- formed by the Lessors, as limited by the provisions set forth at Para- graph 3 below. It is specifically understood that the Lessee shall repair and rFplace (where needed) all existing fencing on such premises ark at the expiration of the lease deliver sueh premises to the Lessors with the fences in good repair. In the event that the Lessee does not reasonably and properly maintain the improvements, the Lessors shall give the Lessee written notice of the failure or failures of the Lessee outlining the items in need of repair or maintenance, and in the event the Lessee does not perform such maintenance or t2 pairs, then the Lessors shall have the option to (a) have the repairs and maintenance performed and charge the account for such labor and materials to the Lessee as additional rent to be paid the same day as the next installment of rent is due, OR, (b) declare the Lessee in default of the lease and proceed as hereinafter set forth and in addition to the other reme- dies hereinafter set forth to recover damages due to the failure of the Lessee to properly maintain and keep the premises in repair. 3. Insurance. The Lessors will be responsible for insuring their own property and the Lessors shall maintain insurance against the usual hazards enumerated in the standard fire and extended cov- erage insurance policy on the house, horse horn and metal machine shed. In the event of loss or damage to any of such buildings, the Lessors will restore the improvements to the extent of an_y insurance proceeds received by them on account of such loss. In the event that -2-