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LEASE AGREEMENT <br />THIS AGREEMENT entered into between KUESTER LAKE, <br />one or more, <br />Description of Leased Premises: <br />(SEE ATTACHED LEGAL DESCRIPTION) <br />Term of Lease: <br />35 years, commencing October 1 , 1986 and <br />September 30, 2021 <br />Option to Extend Term: <br />Lessee has the option to extend the term of <br />additional 35 years by giving Lessor notice <br />by July 1, 2021 <br />Right to Assignment of Lease: <br />Lessee has the right to assign this Lease provided: <br />(a) Lessee has complied with all terms of this Lease. <br />(b) Lessee transfers to the new owner all interest and <br />ownership of the Lessee in the common stock of <br />Kuester Lake, Inc. <br />(c) The new Lessee agrees, in writing, to abide by the <br />terms of the Lease so assigned, any new Lease for <br />these premises, and to abide by the Agreement ent- <br />ered into by this Lessee with Kuester Lake, Inc. on <br />or about November 4, 1974, the terms of which are <br />incorporated herein by reference. <br />(d) The new Lessee shall be entitled to a new Lease for <br />a 35 -year term. The term may be longer if consented <br />to by the Lessor. <br />(e) Any subleasing must have the Lessor's approval. <br />(f) The Lessee has the absolute right to conditionally <br />assign this Lease to any mortgagee for the purpose <br />of furnishing such mortgagee additional security. <br />Rent: <br />The Lessee shall pay to Lessor, as annual rent, payable in ad- <br />vance and on or before July first each year, such rent as may be <br />annually determined by the Lessor under the following formula: <br />The annual rent shall be an amount, each year, <br />equal to the result of dividing the total num- <br />ber of residential lessee - stockholder lots into <br />that year's anticipated net budget needs of the <br />Lessor. <br />The computation of the annual rent shall be done by the Lessor, <br />but shall be uniform among all lessee - stockholders of Kuester <br />Lake, Inc. In any event, the annual rent of the Lessee shall <br />not exceed One Hundred Dollars ($100.00) unless a majority <br />of all lessee-stockholders of Kuester Lake, Inc. (one vote for <br />each share), present and voting at a special meeting called <br />for that purpose, shall approve the same. <br />Access- <br />The Lessee shall have access from the leased premises onto the <br />Lessor's roads and shall also have the right to use the lake <br />for boating, swimming, and fishing. These access rights are i <br />common with the other leaseholders at Kuester Lake. <br />Prior Leases: <br />This Lease replaces and supersedes any prior <br />ises which the Lessee or his predecessors in <br />