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80-.(}(i 7454 LEASE AGREEM@QT March 1, 197 THIS AGREEMENT entered into between KLTESTER LAKE, INC „ LESSOR, and William D. Grange and Marv C. Grange (as joint terartst~nasxts-i.-rr-cronaeo:r)--{$a--so3-~~.)- (strike out portion not applicab e) whether one or more, LESSEE. Lot 5, having a lake front footage of 8$ 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 F,~gW3~ is Section 13,Te~w&•- ship 11, Range 9, in Hall County, Nebr., 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• 35 Years, commencing March 1, 1975 and terminat February 28, 2010 ~ 3. Option to extend term: Lessee has the option ~o extend the term of this lease for an -- additional 35 years by giving Lessor notice thereof, in writing, by July 1, 2009. 4. Right to assignment 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 ownership of the Lessee in the common stack of Kuester Lake, Inc. (c) The new Lessee agrees, 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 Koester Lake, Inc. on or about November 4, 1974, the terms of which are 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 the Lessor's approval_ (f7 The Lessee has the absolute right to conditionally assign this lease to any mortgagee for the purpose of furnishing such mortgagee additional security, 5. Rent: The Lessee 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 camputation of the annual rent shall be done by the Lessor, but shall be uniform among all lessee-stockholders of Kuester Lake, Inc. In any event, the annual rent of the Lessee 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 for that purpose, shall approve the same. Access• 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 are in common with the other leaseholders at Kuester Lake. 6-a. Prior Leases: This lease replaces and supersedes any prior lease for said gremisea which the lessee or his predecessors in tirtle may have held.