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<br />FARM LEASE AGREEMENT
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<br />FARM LEASE AGREEMENT
<br />This Farm Lease Agreement is entered into this 40day of April, 2003 between Dale
<br />A. Whitefoot, as Trustee of The Dale A. Whitefoot Trust created by the Revocable
<br />Living Trust Agreement dated February 7, 1994, hereinafter referred to as "Owner', and
<br />Phillip Dibbern and Mark Dibbern, jointly and severally, hereinafter referred to as
<br />"Tenant ".
<br />1. THE PROPERTY. The property which is the subject of this Agreement is legally
<br />described as follows:
<br />East Ten (10) acres of the Southwest Quarter of the Southeast Quarter (SW %
<br />SE Y<) of Section Twenty -eight (28), Township Ten (10) North, Range Twelve
<br />(12) West of the 61^ p.m. in Hall County, Nebraska;
<br />Southeast Quarter of the Southeast Quarter (SE % SE Y/) of Section Twenty -
<br />eight (28), Township Ten (10) North, Range Twelve (12) West of the 6`" p.m. and
<br />that part of the Northeast Quarter (NE Y4) located North of the right -of -way of
<br />Union Pacific Railroad Company and U.S. Highway No. 30 in Section Thirty -
<br />three (33), Township Ten (10) North, Range Twelve (12) West of the 6'" p.m. in
<br />Hall County, Nebraska.
<br />The West thirty (30) acres of the Southwest Quarter of the Southeast Quarter
<br />(SW Y< SE Y,) in Section Twenty -Eight (28), Township Ten (10) North, Range
<br />Twelve (12) West of the 61" P.M. in Hall County, Nebraska.
<br />2. AGREEMENT TO LEASE. The Owner agrees to lease to Tenant and Tenant
<br />agrees to lease from Owner the property for the term and under the covenants and
<br />considerations hereinafter set forth.
<br />3. TERM. The property is hereby leased by Owner to the Tenant for a term
<br />commencing March 1, 2003 to February 28, 2004.
<br />4. RENT. Tenant agrees to pay as rentals for the term cash rent in the total
<br />amount of Sixteen Thousand Nine Hundred Twenty -two Dollars and fifty cents
<br />($16,922.50) due and payable on January 1, 2004. Payment of the rent shall be by
<br />bank draft or cashiers check made payable to: Dale A. Whitefoot, as Trustee of the
<br />Dale A. Whitefoot Revocable Trust. Any unpaid balance of rental from and after the
<br />due date shall draw interest at the rate of 16% per month.
<br />5. OPERATIONAL EXPENSES. The Tenant shall furnish and provide all of their
<br />own irrigation pipe and equipment. The Tenant shall assume all daily maintenance of
<br />irrigation equipment. The Tenant shall supply all the equipment for planting and
<br />harvesting of the crops. The Tenant shall furnish all labor and expenses for the
<br />operation of the farm. The Tenant shall be responsible for the costs for the purchase
<br />and application of all fertilizer, insecticides and herbicides. Major repairs to the
<br />irrigation wells, pumps and motors not caused by the neglect of the Tenant shall be
<br />paid by the Owner. The Tenant shall furnish the labor necessary to keep the fences,
<br />domestic and stock wells in good repair and condition. The Tenant shall pay for all
<br />costs of power for operation of the irrigation equipment. Should any of the irrigation
<br />wells, pumps, motors, pipe, or any other equipment be damaged as a result of the
<br />negligence of the Tenant, Tenant shall be responsible for all costs and expenses for the
<br />repair and /or replacement of said property.
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<br />This Farm Lease Agreement is entered into this 40day of April, 2003 between Dale
<br />A. Whitefoot, as Trustee of The Dale A. Whitefoot Trust created by the Revocable
<br />Living Trust Agreement dated February 7, 1994, hereinafter referred to as "Owner', and
<br />Phillip Dibbern and Mark Dibbern, jointly and severally, hereinafter referred to as
<br />"Tenant ".
<br />1. THE PROPERTY. The property which is the subject of this Agreement is legally
<br />described as follows:
<br />East Ten (10) acres of the Southwest Quarter of the Southeast Quarter (SW %
<br />SE Y<) of Section Twenty -eight (28), Township Ten (10) North, Range Twelve
<br />(12) West of the 61^ p.m. in Hall County, Nebraska;
<br />Southeast Quarter of the Southeast Quarter (SE % SE Y/) of Section Twenty -
<br />eight (28), Township Ten (10) North, Range Twelve (12) West of the 6`" p.m. and
<br />that part of the Northeast Quarter (NE Y4) located North of the right -of -way of
<br />Union Pacific Railroad Company and U.S. Highway No. 30 in Section Thirty -
<br />three (33), Township Ten (10) North, Range Twelve (12) West of the 6'" p.m. in
<br />Hall County, Nebraska.
<br />The West thirty (30) acres of the Southwest Quarter of the Southeast Quarter
<br />(SW Y< SE Y,) in Section Twenty -Eight (28), Township Ten (10) North, Range
<br />Twelve (12) West of the 61" P.M. in Hall County, Nebraska.
<br />2. AGREEMENT TO LEASE. The Owner agrees to lease to Tenant and Tenant
<br />agrees to lease from Owner the property for the term and under the covenants and
<br />considerations hereinafter set forth.
<br />3. TERM. The property is hereby leased by Owner to the Tenant for a term
<br />commencing March 1, 2003 to February 28, 2004.
<br />4. RENT. Tenant agrees to pay as rentals for the term cash rent in the total
<br />amount of Sixteen Thousand Nine Hundred Twenty -two Dollars and fifty cents
<br />($16,922.50) due and payable on January 1, 2004. Payment of the rent shall be by
<br />bank draft or cashiers check made payable to: Dale A. Whitefoot, as Trustee of the
<br />Dale A. Whitefoot Revocable Trust. Any unpaid balance of rental from and after the
<br />due date shall draw interest at the rate of 16% per month.
<br />5. OPERATIONAL EXPENSES. The Tenant shall furnish and provide all of their
<br />own irrigation pipe and equipment. The Tenant shall assume all daily maintenance of
<br />irrigation equipment. The Tenant shall supply all the equipment for planting and
<br />harvesting of the crops. The Tenant shall furnish all labor and expenses for the
<br />operation of the farm. The Tenant shall be responsible for the costs for the purchase
<br />and application of all fertilizer, insecticides and herbicides. Major repairs to the
<br />irrigation wells, pumps and motors not caused by the neglect of the Tenant shall be
<br />paid by the Owner. The Tenant shall furnish the labor necessary to keep the fences,
<br />domestic and stock wells in good repair and condition. The Tenant shall pay for all
<br />costs of power for operation of the irrigation equipment. Should any of the irrigation
<br />wells, pumps, motors, pipe, or any other equipment be damaged as a result of the
<br />negligence of the Tenant, Tenant shall be responsible for all costs and expenses for the
<br />repair and /or replacement of said property.
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