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<br />~_' ~ 80-; C-~+5634
<br />LEPSE AGREENF.i~T
<br />THIS AGREENu:N-T enterer firr]~ o betwee.: ICuiSTi,R :,AXi;, I;7C., :.SSSOR, and
<br />WILFORD L. BllXTgN and MALRL•t;w L. BUXTON, .as Jcir,t ienan.ts
<br />(as joint tenants) (as tenants in common) (as sole owner) (stri:ce out
<br />portion not applicable) .whether one or.:,:ora,. Lc,SSc~.
<br />Lot 29, .having a., lake .front zoctage o£ .
<br />1. Description of_leased premises: 100 ft, siL'uated on the west side of the
<br />ast por z.Qn Q Koester Lake and being on a dart of the 'East Half of the Southwest
<br />~~arter. ~Ii2Sid„~ of Section 1.~.; Tclmfai`? 7.i, Nor*h' Range 9z in Flall Count•~, I4e7r.
<br />Funded on the westerly side !,y t,ie common road; sucn lo~.is a•s shoti;n obi a p)at
<br />~' the possession o~ the Lessor
<br />,_•2. Term of lease: - ,~
<br />35 years; comrceneing October 1. i98q and terainating
<br />Se~omher 3 '_ 9(lbS
<br />3., Option to extend term:
<br />Lessee has '-he aptior. to e; ena the term of ±his lease ror an
<br />' additional 35 years icy giving Lessor notice 'thereof, in writing,.
<br />•r, ~ 'uy July 1r BEA~.2O13.
<br />S'r. R~^'aht to assiarment of lease:
<br />Lessoe has tae right to assign t::is `yoasa provided -
<br />- ''~ ~. (a) Lessee has complied with all terms of 't"ris lease.
<br />- r;b) Lessee trans~ers, to t"r:e new owner all interest and
<br />ownership o~ the Lessee in the common stock oz '
<br />' Koester Laice, Inc.
<br />• (c) The neo: Lessee agrees, _r. writing, to abide by the
<br />. terns or the lease so assigned, any new leas© for
<br />these premises, and i:o amide by the tigreement
<br />entered into by this Lessee ~rritii Koester Lake, Inc.
<br />• on or about ivovembei :97r~ the terms of which
<br />. are i:icorporatecl hera~s; Ut, reie.renco.
<br />l'd) 'fine :iew Lessee si,ail ice ontitl~~~:: to u t:arr lease ::or
<br />35 year ter,;. ne tar,,, ~„ay :.e 1o::gar ,... car.sente~3
<br />to oy the Li:sJar.
<br />(a)' ,u:r sx:,~-i~asi.:c; ;Host have the Lessor's approval.
<br />(:.) The Lassen has t:ha a;asoiuta ti<,h,. to conditior;a~iy
<br />' aS6ign .=i5 i.6ai>a tG cir:;y` fI;O rT.gcic~R:*,~ ~qZ' t[1 C~ `~>Ur--===riEi
<br />of :.urnishing such ;,,ortragaa additional r~acurity.
<br />5.. ~~+
<br />ho Lessee saa11 pay to Lessor, as r,:;nual ren~, payab~e fir,
<br />advance and on or bazore :%uly =first each year, suer. runt as
<br />ay ba annually determined by the Lessor ur;cier the iollowin~;
<br />::orrciula:
<br />T13a annual rent i,al1 be an ai;:ount, i:ach year,
<br />' equal to the result of dividing Lho total
<br />number o" residential lesoaa-stockholder lots
<br />into that year's anticipated Hat budget- Heads
<br />oz ti,a Lessor.
<br />T'ra computation oz the annual ren°c siaali ba dor;a •u_~ i.~:
<br />Lessor, 'out shall ba unixorm among all lausoe-:;toc::iaoi~>eis
<br />of Kuoster Lako, Inc. In any event, tiro annual rent: o::
<br />the Lessen shall not excoad Ono Huncxraci Dollars ($100.00)
<br />anles9 a fnBjOr+.ty O:. ii.l.l 1(.uS'UCj-stoCKholdero or. i~Ut~Wtu:i
<br />1Jaltor Ii'iC. (oi:9 Vote ;:Or av.. Siarui r prEUirn:: and VAL's, n'~
<br />~,,i - at a special meeting called ;:or that. purpose, sh~;ll
<br />~,-.~ approve the lama.
<br />~~~~ x.45
<br />Lt1e LeSsae Shah :ZaV3 aCCa55 Lr01~-, i= ,i: ii:d Sect IJr~iiii~i:~ iii::.v
<br />the Lassor'~ roads and shall also have the ra.ght t-o i;sc:
<br />the lake i~o:° boating, swirrmirg and r"~.s hir.g. i`nasa access
<br />rights aro in,corL•ron wiYp 'the other laasaholders at
<br />~U a5t ar LaiCe.
<br />tit-a. Pri~4 Le€~~c,~;: _
<br />i'n:~.r; lcasa re:placas and s1+p3r;,a~,us '.•;? prize ;.aaou 'or .. t._ ..
<br />p«€P:71,8au bFr+`-C:3 U'I1C3 ~~z~5~ha P/: ..::.s ;~}«d~1CaC0Gt+vi:ii i:~ L«..,:v .'•.:~:
<br />a'+aVii liUlGl. ~
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