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~` ..~ i` ~~ ~ ~ ~ fD ~ ~ ~ W IV ~,.,. ~ - y o TOP PORTION FOR USE BY THE OFFICE OF THE REGISTER OF DEEDS ONLY. ~' ~ C~ ~_ t'~ ~ C ~ "~ ~ ~ ~ 7J , ~ S ~ ~~ ~- ~ ' ' f T 1 O ~ c~ ~ ~ rrr rn W -~ ~ rz~ ~ ~ r ~ a I""` A C/1 Uj N D FARM LEASE AGREEMENT This Farm Lease Agreement is entered into this ~ day of , 2009 between Jeanne K. Whitefoot, as Trustee of The Jeanne K. Whitefoot Tru t created by the Revocable Living Trust Agreement dated February 7, 1994, hereina er referred to as "Owner", and Phillip Dibbern and Mark Dibbern, jointly and severalty, 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 6t" p.m. in Hall County, Nebraska, excepting therefrom that part thereof conveyed to the County of Hall, State of Nebraska, by Deed recorded in Boak 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, 2009 to February 28, 2010. 4. RENT. Tenant agrees to pay as rentals far the term cash rent in the total, amount of Thirty One Thousand Seven Hundred Seventy Three Dollars ($31,773.00) due and payable an January 1, 2010. This rental payment is based upon 151.30 acres at $210.00 per acre. If, however, at any time during 2009 the price of corn reaches $4.50 per bushel according to the Cargill Elevator in either Shelton or Wood River, Nebraska, then the rentals for the term shall increase tv $250.00 per acre on 151.30 acres far a total rental amount due of Thirty Seven Thousand Eight Hundred Twenty Five Dollars ($37,825.00). If, however, at any time during 2009 the price of corn reaches $5.95 per bushel according to the Cargill Elevator in either Shelton ar Wood River, Nebraska, then the rentals for the term shall increase to $300.00 per acre on 151.30 acres for a total rental amount due of Forty Five Thousand Three Hundred Ninety Dollars ($45,390.00). Owner shall notify Tenant in writing if and when the price of corn reaches $4.50 or $5.95 per bushel then putting him on notice of the increased rental payment. Payment of the rent shall be by bank draft ar 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. 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 casts 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 m FV C.J d d CI] GD ~ O ~ ~ CJ ~ ~z y rv O `.`1 ~~