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LEASE AGREEMENT 1705: LONG TERM AGRICULTURAL LEASE WITH BASE RENT PLUS A PERCENTAGE OF CROP NET PROCEEDS $99.95
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Key Features
Quick Look AGRICULTURAL LEASE AGREEMENT
This Agricultural Lease Agreement (“Lease”) is made as of _________________, by and between COMMERCIAL AGRICULTURAL LANDLORD, INC., a __________________ corporation (“Landlord”), and AGREEABLE AGRICULTURAL TENANT, INC., a _________________ corporation (“Tenant”). WITNESSETH For the term, at the rents, and on the covenants, conditions and provisions hereinafter set forth, Landlord hereby demises and leases, and Tenant hereby accepts and rents, that certain parcel of land situated at ___________ in the County of __________, State of __________, more particularly described in Exhibit "A" attached hereto and made a part hereof, subject, however, to the encumbrances described in said Exhibit "A". TO HAVE AND TO HOLD the same, together with all improvements, rights, easements, privileges and appurtenances thereunto belonging or appertaining, unto Tenant for a term commencing ________, and ending __________, unless sooner terminated or unless extended as provided below. Tenant hereby covenants and agrees to pay to Landlord, net over and above all taxes, assessments and other charges hereunder payable by Tenant, rent as set forth herein. AND LANDLORD hereby covenants with Tenant that upon payment by Tenant of the rent as aforesaid and upon observance and performance of the covenants by Tenant hereinafter contained, Tenant shall peaceably hold and enjoy said premises for the term hereby demised without hindrance or interruption by Landlord or any other person or persons lawfully claiming by, through or under Landlord, except as herein expressly provided. AND TENANT hereby covenants with Landlord as follows: 1. TERM; PAYMENT OF RENT. The term of this Lease shall be one hundred (100) years, subject to the terms hereof. Tenant will pay rent during the term hereof in lawful money of the United States of America at the times and in the manner aforesaid, without any deduction and without notice or demand, at the office of Landlord as specified in paragraph 29 hereof. Rents under the Lease shall be payable as follows: A. YEARS 1 THROUGH 10. i. BASE RENT. For and during each of the first ten (10) fiscal years (July 1 through June 30) of the term, Tenant shall pay to Landlord a base annual rent of _____________________________ DOLLARS ($_____), payable in equal installments semiannually in advance on January 1 and July 1 of each year. ii. ADDITIONAL RENT. For each of the first ten (10) fiscal years of the term, in addition to the Base Rent specified immediately above, Tenant shall pay to Landlord additional rent equal to _________ percent (__%) of the net proceeds from all _________ harvested and sold or delivered to third party purchasers, less any and all processing fees which are the custom of trade in the _________ industry, together with _________ percent (__%) of all subsidy, incentive or benefit payments (excluding Agricultural Conversation Payments) from the United States Government or any of its departments or agencies, for each of the crop years during which this lease shall be in force and effect. B. YEARS 11 THROUGH 45. i. BASE RENT. For and during each of the next thirty five (35) fiscal years (July 1 through June 30) of the term, Tenant shall pay to Landlord a base annual rent of _____________________________ DOLLARS ($_____), payable in equal installments semiannually in advance on January 1 and July 1 of each year. ii. ADDITIONAL RENT. For and during each of the next thirty five (35) fiscal years of the term, in addition to the Base Rent specified immediately above, Tenant shall pay to Landlord additional rent equal to _________ percent (__%) of the net proceeds from all _________ harvested and sold or delivered to third party purchasers, less any and all processing fees which are the custom of trade in the _________ industry, together with _________ percent (__%) of all subsidy, incentive or benefit payments (excluding Agricultural Conversation Payments) from the United States Government or any of its departments or agencies, for each of the crop years during which this lease shall be in force and effect. C. YEARS 46 THROUGH 100. i. BASE RENT. For and during each of the next fifty five (55) fiscal years (July 1 through June 30) of the term, Tenant shall pay to Landlord a base annual rent of _____________________________ DOLLARS ($_____), payable in equal installments semiannually in advance on January 1 and July 1 of each year. ii. ADDITIONAL RENT. For and during each of the next fifty five (55) fiscal years of the term, in addition to the Base Rent specified immediately above, Tenant shall pay to Landlord additional rent equal to _________ percent (__%) of the net proceeds from all _________ harvested and sold or delivered to third party purchasers, less any and all processing fees which are the custom of trade in the _________ industry, together with _________ percent (__%) of all subsidy, incentive or benefit payments (excluding Agricultural Conversation Payments) from the United States Government or any of its departments or agencies, for each of the crop years during which this lease shall be in force and effect. 2. TAXES AND OTHER CHARGES. Tenant will also pay to Landlord at least ten (10) days before the same become delinquent all taxes, assessments, rates, charges and other outgoings of every description (but not including interest and penalties if Landlord makes late payment after receiving timely remittance from Tenant) to which said premises or any part thereof or any improvement thereon, or Landlord or Tenant in respect thereof, are now or may during said term be assessed or become liable, whether made by governmental authority, by any utility company or by any public or community service company; provided, however, that with respect to any assessment made under any betterment or improvement law which may be payable in installments, Tenant shall be required to pay only such installments together with interest as shall become due and payable during said term, and real property taxes shall be prorated between Landlord and Tenant as of the dates of commencement and expiration respectively of said term. Tenant will also pay to Landlord with each installment of rent, real property taxes and assessments and other charges hereunder payable by Tenant the amount of all general excise or similar taxes payable by Landlord with respect thereto, whether actually or constructively received. If at any time during said term there shall be assessed against the demised land or any part thereof or any improvement thereon or any rents payable to Landlord therefor or against Landlord in respect thereof, any new taxes (other than federal or state net income, franchise, corporation, capital stock or excess profits taxes or any other taxes existing at the commencement of said term) which are in substitution for real property taxes or are in lieu of increases thereof, Tenant will also pay to Landlord as additional rent, at least ten (10) days before the same become delinquent, all such new taxes; Tenant will pay all conveyance taxes, if any, payable with respect to this Lease and any subleases hereunder. 3. IMPROVEMENTS REQUIRED BY LAW. Tenant will at Tenant's own expense during the whole of said term make, build, maintain and repair all fences, sewers, drains and roads which may be required by law to be made, built, maintained and repaired upon or adjoining or in connection with or for the use of the premises used or occupied by Tenant or any part thereof and will bear the pro rata cost of all such features or facilities used by both Tenant and Landlord, corresponding to the proportionate usage of the same by Tenant or persons acting under Tenant.
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