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FARM LEASE 88-"KO 1 0 0 5~3 ~5 This farm lease is entered into between Hugh J. Kieffe, Sileen H. Kieffe, and Eleanor L. Kieffe, hereinafter all jointly referred to as "Landlord", and starr Seed Farms, Inc., a corporation, hereinafter referred to as "Tenant". Landlord and Tenant agree as follows: 1. Property Leased: The Southwest Quarter (SW 1/4) of Section Thirty-four (34) in Township Nine (9) North, Range Ten (10) West of the 6th P.M. in Hall county, Nebras){a. 2. warranty: Landlord warrants that Hugh J. and Eileen H. Kieffe, husband and wife, and Eleanor L. Kieffe, a widow, are owners of the property leased and have full authority to lease the above described property. Landlord will defend and save harmless the Tenant from any and all claims of any nature from any persons or entities claiming any interest adverse to the rights of the Tenant. 3. Term: The term of this lease shall be from March 1, 1988, to the last day of February, 1993. 4. Rent: The Tenant shall pay the Landlord as rent a minimum rental of at least $16,000 per year during the term of the lease with said yearly rental to be paid in equal sums of $8,000 on July 1st and December 31st of each and every year during the term of the lease. In addition to the minimum rent. stated above, the Tenant will pay the Landlord an additional amount equivalent to the amount by which the new crop price of Number 2 corn for October- November delivery exceeds $2.38 per bushel for a maximum of 6,720 bushels based upon the market at Hansen or Trumbull, Nebraska, on any date selected by the Landlord. The Landlord's selection of a date or dates to be used in determining any such additional rent will be effective only if the Tenant is given written notice by a letter from Landlord postmarked on the date the Landlord makes his selections. The Landlord shall have the right to designate the maximum of three different dates to be used for additional rent computation purposes provided such written notice divide or allocates a specific quantity of said overall 6,720 bushel maximum for each designation. ~n the event the Landlord does not select or designate any date for additional rent, then only the minimum rent stated above shall be due. The Landlord shall have the right to select any date or dates for computation of additional rent for each crop year prior to expiration of said crop year's new crop October-November delivery date. In the event the Landlord selects a date or dates prior to JUly 1st for the then-current crop year, such additional rent shall be due on July 1st, otherwise, such additional rent will be due on December 31st of the crop year used. LA W (WPIGRS IJnO(JK( SEILlm Be SMITH For clarification purposes, an example is given as follows: In the event that on June 15th the market price of current year's new crop for October-November delivery No.2 corn is $2.50 at the Trumbull, Nebraska market, and it is the desire of the Landlord to use such market price on said date for the computation of additional rent for 2,000 bushels of corn, then the Landlord shall notify the Tenant, in writing, and place such letter in the mail on that very day indicating the Landlord's desire. This price shall then be used for the computation of such additional rent for the equivalent of the bushels designated on said date. The Landlord shall then have the right r--- 711f! I\AST slim 111.\"1). ".0. 1I0X 11111 Il^STIN<lH. NE IIlt"'"' 1 ., ~ J l n-:I.. .lOll..--lna-:lIW"