COMPENSATION AND ADJUSTMENTS. In the event that the Lease is terminated by the Lessor and not as a result of default by Lessee and/or tillable acreage is adjusted by Lessor to facilitate its development, operation and maintenance of the property, and Lessee is unable to harvest seeded or standing crops, Lessor is obligated to: a) Reimburse Lessee for such seeded or standing crops at the time of termination or adjustment at a fair harvested market price to be determined. In the event that Lessee has contracted to sell the crop at a specific price, the contracted price shall be considered as the basis for fair market value. b) Reimburse or credit Lessee for unused balance of Lease Term for such portion of Lease Payment on a per diem basis. c) Reimburse Lessee on a prorated basis for soil amendments such as lime or fertilizer having a useful life greater than the current crop cycle. d) No other claims or penalties shall be assessed against the Lessor.
Appears in 12 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
