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LEASE AGI2EEJ~+L~NT THIS AG.=2EEN~ENT entered into between ;{liESTSFt LAKr., INC. , LESSOR, and VERNA SCHWARZ ~aa-~eax~-~ena~s) -(-e-s--s-3-rrre~r) (as sofa ov~mer) '(strike out portion not applicable) whether one or more, L~S~EE.'~' I. Description of Leased premise: Lot I1, having a Lake front footage of 100 feet situated on the East side of the West portion of Kuester Lake and beingg on a part of the East Half of the Sotizthwest t~uarter ~E~SW~) of Section 13,Township. 1 North Ran e 9, W. 6th P.M. H lI Count hE unc~ec~ on the n r ea terl side ~y a comfion r~ad; such road zs s~iown on p~~t i~ ~~ie possession ag ~~ie leaser. 2. Term of lease- 35_years, commencing September 1, 1978 aa,l terminating Aueust 31a 2013 ' 3. Option to extend term: Lessee has the option to extend the term of~this lease for an additional 35 years by giving Lessor notice thereof; in writing, by July 1, 2009. 4. Rig~}t to assign.~nent of lease: Lessee 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 owizership of the Lessee in the common stock of ~,~ester Lakes Inc. (c) The new Lessee agrees, in writing, to abide by the terms of the leases so assigned, any new lease for these premises, and to abide by the Agreement entered into by this Lassae with Kuester Lake, Inc. ' on or about November 4, 197, the terms of which era incorporated herein by reference. _ {d) The new Lessee shall be entitled to a new lease for a 35 year term. The term may be ,longer if consented to by the Lessor. (e} Any sub-leasing must have ~he Lessor's approval. (f) The Lessee has the absaluta right to conditionally assign this lease to any mortgagee for the purpose of furnishing such mortgagee adcutional security. ~. ~tentr - T,ie Lessee a,iaii pay to ++eSs~rs as a.:;:ual r2:~,t, payable in advance arfl on or before .Tiny first each year, such rent as `_ may be annually determined by the Lessor under the fallowing f'ozznula: The annual rent shah be an amount, each yea~, equal to the result of dividing the tatal~ 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, Trc. In any event, the annual rent of the Lessee shall not exceed Ona Hundred 1~ollars 0100.00) unless a majority of all lessee-stockholders of Kuester Lake, Inc. (one vote for each share}, present and vgting at a special meeting called for that purpose, shall approve the same. ~,, } -~ 6. Access: The Lessee shall "nave access from the leased premises unto 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. Z°his lease replaces and supersedes any prior lea$a for said premises which tY~e lessee or his predacas~pra iz~ title may have held,