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20��2�� LEASE AGREEMENT Dated: March 1, 2011 THIS AGREEMENT entered into between KUESTER LAKE, 1NC., LESSOR, and RAYMOND AGUILAR and SUSAN AGUILAR, Husband and Wife, and WILLIAM LAWRENCE, as Joint Tenanfs, LESSEES. I. Description of Leased Premises: Lots Eleven (11) and Twelve (12), situated on the West side of the West portion of Kuester Lake and being on a part of the East Half of the Southwest Quarter (E1/2SW1/4) of Section Thirteen (13), Township Eleven (11) North, Range Nine (9) West of the 6 P.M., Hall County, Nebraska such lot is as shown on a p{at in possession of Lessor. 2. Term of Lease: Thirty-five (35) years, cflmmencing March 1, 2011, and terminating March 1, 2046. 3. Option to Extend Term: Lessees have the option to extend the term of this Lease for an additional 35 years by giving Lessor notice thereof, in writing, by September 1, 2045. 4. Riqht to Assiqnment of Lease: Lessees have the right to assign this Lease provided: (a) Lessees have complied with all terms of this Lease. (b) Lessees transfer to the new owner all interest and ownership of the Lessee in the common stock of Kuester Lake, Inc. (c) The new Lessees agree, in writing, to abide by the terms of the Lease so assigned, any new Lease of these premises, and to abide by the Agreement entered into by this Lessee's predecessors in title with Kuester Lake, {nc. on or about November 4, 1974, the terms of which are incorporated herein by reference. (d) The new Lessees shall be entitled to a new Lease far a 35-year term. The term may be longer if consented to by the Lessor. (e) Any subleasing must have the Lessor's approval. (fl 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 Lessees 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 foflowing formula: The annuaf rent shalf be an amount, each year, equal to the result of dividing the tota{ number of residential fessee-stockholder fots 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 a11 lessee-stockholders of Kuester Lake, lnc. ln any event the annual rent of the Lessees shaA 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. 6. Access The Lessees shall have access from the leased premises onto the I_essor'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. 6a. Prior Leases. This Lease replaces and supersedes any prior Lease for said premises which the Lessees or his predecessors in title may have held. 7. Determination of Boundaries. The Lessor shall have the right, on a reasonable basis, to determine the boundaries between the Lessees and his neighbors if the Lessees and his neighbors cannot agree to such boundary line. The lake front boundary of the leased premises shall be to the water line as the same may exist from time to time with changes in the water level