|
Lot Eleven (11), Kuester Lake, a part of the East One Half of
<br />The Southwest Quarter (SW1 /4) of Section Thirteen (13),
<br />Township Eleven (11) North, Range Nine (9), West of the 6th
<br />P.M., Hall County, Nebraska, situated on the East side of the
<br />West portion of said lake
<br />such lot is as shown on a plat in possession of Lessor,
<br />2. Term of Lease: Thirty -five (35) years, commencing February 1, 2005, and
<br />terminating January 31, 2040.
<br />3. Option to Extend Term: Lessees have the option to extend the term of this
<br />Lease for an additional 35 years by giving Lessor notice thereof, in writing, by November 1,
<br />2040.
<br />4. Right to Assignment of Lease: Lessees have the right to assign this Lease
<br />provided:
<br />(a) Lessees have complied with all terms of this Lease.
<br />(b) Lessees transfer to the new owner all interest and ownership
<br />of the Lessees in the common stock of Kuester Lake, Inc.
<br />(c) The new Lessees agree, in writing, to abide by the terms of the
<br />Lease so assigned, any new Lease of these premises, and to
<br />abide by the Agreement entered into by this Lessee's
<br />predecessors in title with Kuester Lake, Inc. on or about
<br />November 4, 1974, the terms of which are incorporated herein
<br />by reference.
<br />(d) The new Lessees shall be entitled to a new Lease for a 35-
<br />year term. The term may be longer if consented to by the
<br />Lessor.
<br />(e) Any subleasing must have the Lessor's approval.
<br />(f) The Lessees have the absolute right to conditionally assign
<br />this Lease to any mortgagee for the purpose of furnishing such
<br />mortgagee additional security.
<br />5. Rent. The Lessees shall pay to Lessor, as annual rent, payable in advance and
<br />on or before July first each year, such rent as may be annually determined by the Lessor
<br />under the following formula-
<br />The annual rent shall be an amount, each year, equal to the
<br />result of dividing the total number of residential lessee -
<br />stockholder lots into that year's anticipated net budget needs of
<br />the Lessor.
<br />M
<br />_
<br />c
<br />n sc
<br />n z
<br />ON'
<br />i�
<br />M N
<br />l 1
<br />!.rl
<br />T
<br />J.,/
<br />'L,J r -, cm
<br />J r,
<br />o
<br />CD
<br />►—►
<br /><>
<br />r
<br />CAD
<br />v
<br />CD
<br />C-:)
<br />v
<br />N
<br />U)
<br />U)
<br />CJ)
<br />Z
<br />LEASE AGREEMENT
<br />Cn
<br />Dated: February 1, 2005
<br />THIS AGREEMENT entered into between KUESTER LAKE, INC., LESSOR, and
<br />BEN H. WEEKS III and NANCY G. WEEKS, husband and wife, LESSEES.
<br />\'
<br />I. Description of Leased Premises:
<br />`
<br />Lot Eleven (11), Kuester Lake, a part of the East One Half of
<br />The Southwest Quarter (SW1 /4) of Section Thirteen (13),
<br />Township Eleven (11) North, Range Nine (9), West of the 6th
<br />P.M., Hall County, Nebraska, situated on the East side of the
<br />West portion of said lake
<br />such lot is as shown on a plat in possession of Lessor,
<br />2. Term of Lease: Thirty -five (35) years, commencing February 1, 2005, and
<br />terminating January 31, 2040.
<br />3. Option to Extend Term: Lessees have the option to extend the term of this
<br />Lease for an additional 35 years by giving Lessor notice thereof, in writing, by November 1,
<br />2040.
<br />4. Right to Assignment of Lease: Lessees have the right to assign this Lease
<br />provided:
<br />(a) Lessees have complied with all terms of this Lease.
<br />(b) Lessees transfer to the new owner all interest and ownership
<br />of the Lessees in the common stock of Kuester Lake, Inc.
<br />(c) The new Lessees agree, in writing, to abide by the terms of the
<br />Lease so assigned, any new Lease of these premises, and to
<br />abide by the Agreement entered into by this Lessee's
<br />predecessors in title with Kuester Lake, Inc. on or about
<br />November 4, 1974, the terms of which are incorporated herein
<br />by reference.
<br />(d) The new Lessees shall be entitled to a new Lease for a 35-
<br />year term. The term may be longer if consented to by the
<br />Lessor.
<br />(e) Any subleasing must have the Lessor's approval.
<br />(f) The Lessees have the absolute right to conditionally assign
<br />this Lease to any mortgagee for the purpose of furnishing such
<br />mortgagee additional security.
<br />5. Rent. The Lessees shall pay to Lessor, as annual rent, payable in advance and
<br />on or before July first each year, such rent as may be annually determined by the Lessor
<br />under the following formula-
<br />The annual rent shall be an amount, each year, equal to the
<br />result of dividing the total number of residential lessee -
<br />stockholder lots into that year's anticipated net budget needs of
<br />the Lessor.
<br />
|