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I'\.) s s en s ...... c..n S .f::>. ~ ~ Q~ ~ ~ ("l 2 ~ ~ '-I ~ g ~ o~ /' m:t: n E.. r~''''''l .~ ;:;:! ~ti1 ~ R ~ -. ~~' ~ ~ ~ ~~ r< .., I-" ...., :z 0') ~ ~ t ~ ~~ ~ f ~ ~i ~Z ___ t' FARM LEASE AGREEMENT c?S,-So 0 This Farm Lease Agreement is entered into this..lL day o~".-~~'l , 2006 between Jeanne K. Whitefoot, as Trustee of The Jeanne K. Whitefoot Trust created by the Revocable Living Trust Agreement dated February 7, 1994, hereinafter referred to as "Owner", and Phillip Dibbern and Mark Dibbern, jointly and severally, hereinafter referred to as "Tenant". 1. THE PROPERTY. The property which is the subject of this Agreement is legally described as follows: The Southwest Quarter (SW~) of Section Thirty-one (31), Township Eleven (11) North, Range Eleven (11) West of the 6th p.m. in Hall County, Nebraska, excepting therefrom that part thereof conveyed to the County of Hall, State of Nebraska, by Deed recorded in Book 79 at Page 610 of the deed records of Hall County, Nebraska. 2. AGREEMENT TO LEASE. The Owner agrees to lease to Tenant and Tenant agrees to lease from Owner the property for the term and under the covenants and considerations hereinafter set forth. 3. TERM. The property is hereby leased by Owner to the Tenant for a term commencing March 1,2006 to February 28,2007. 4. RENT. Tenant agrees to pay as rentals for the term cash rent in the total amount of Twenty-Six Thousand Four Hundred Seventy-Seven Dollars and Fifty Cents ($26,477.50) due and payable on January 1, 2007. Payment of the rent shall be by bank draft or cashier's check made payable to: Jeanne K. Whitefoot, as Trustee of the Jeanne K. Whitefoot Revocable Trust. Any unpaid balance of rental from and after the due date shall draw interest at the rate of 16% per month. 5. OPERATIONAL EXPENSES. The Tenant shall furnish and provide all of their own irrigation pipe and equipment. The Tenant shall assume all daily maintenance of irrigation equipment. The Tenant has the option to use the pivot irrigation system owned by the Owner. If the Tenant chooses to use the pivot irrigation system, he will compensate owner in the amount of One Thousand Five Hundred Dollars ($1,500.00) due and payable on January 1, 2007. The Tenant shall supply all the equipment for planting and harvesting of the crops. The Tenant shall furnish all labor and expenses for the operation of the farm. The Tenant shall be responsible for the costs for the purchase and application of all fertilizer, insecticides and herbicides. Major repairs to the irrigation wells, pumps and motors not caused by the neglect of the Tenant shall be paid by the Owner. The Tenant shall furnish the labor necessary to keep the fences, domestic and stock wells in good repair and condition. The Tenant shall pay for all costs of power for operation of the irrigation equipment. The parties acknowledge that there is one (1) grain bin on the property. The Tenant has the option to use this bin if he notifies the Owner no later than September 1, 2006. If the Tenant chooses to use the bin, he will compensate Owner in the amount of Six Hundred Dollars ($600.00). This amount will be paid by Tenant to Owner in advance of September 1, 2006, and in advance of the Tenant's use of the bin. Tenant shall be solely responsible for all maintenance, utilities, upkeep, and all other expenses during his use of the bin. Tenant agrees that any grain in the bin will be removed no later than the expiration of the term of this Lease, or by any other date as may be mutually agreed to by the parties.