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I 83- 004559 r LEASE AGREEMENT THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and MICHAEL CArN and ARLINE F. SORENSEN ~xjf9[m2{X~~)c (as tenants in common) (ra:g:",WUt~lC)c (strike out portion not applicable) whether one or more, LESSEE. IDt One (1), having a lake front footage of 1. Description of Leased Premises: 94 Feet situated on the East side of the East portion of Kuester Lake, ana bemg on a part ot the EJ,SW%, Sec. 13-TllN-R9, West of the 6th P.M. Hall County, Nebraska, bounded on the Northerly and Westerly sides by a CamlOIl road; the new, exact dimensions of such IDt One (1) are as slu.n on Survey attached hereto and on an additional attachment setting forth the metes and bounds. 2. Term of Lease: ~ years, commencing August 31. 2018 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, 2018 September I, 1981 and terminating 4. Right to Lessee (a) (b) (c) Assignment of Lease: has the r~ght to assign this Lease provided: Lessee has complied with all terms of this Lease. Lessee transfers to the new owner all interest and ownership of the Lessee in the common stock of Kuester Lake, Inc. 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 ent- ered into by this Lessee with Kuester Lake, Inc. on or about November 4, 1974, the terms of which are incorporated herein by reference. 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. Any subleasing must have the Lessor's approval. The Lessee has the absolute right to conditionally assign this Lease to any mortgagee for the purpose of furnishing such mortgagee additional security. (d) (e) (f) 5. Rent: -rFie Lessee shall pay to Lessor, as annual r('nt, payi.ble in ad- vance 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 lhe lOlal num- ber of residential lessee"st.xkholder I(lls into that year's anticipated net budget Il!'eds PI. tl!!. Lessor. The computation of the annual rent shall be done by th.. I.pssllr, but shall be uniform among all lessee-stockholdet's n[ 1\1I!'st<,r Lake, Inc. In any event, lhe annual renl of the Lesse!' "It" II not exceed One Hundred Dollars ($100.00) unless a majority of all lessee-stockholders of Kuester Lake, Inc. (one vole for each share), present and voting at a special meeting called for that purpose, shall approve the same. 6. Access: 'fil'e"Lessee shall have access from the leased premises onto the Lessor's roads and shall also have the right to use the 13ke for boating, swimming, and fishing. These access rights Arf' in commOn with the other leaseholders at Kuester Lake. L oa. Prior Leases: -Yhia Le1l8. re.places and supersedes !lny prior Lease [or fiB id prem- ises which the Lessee or his predecessors in title may have held.