Farm Lease definition
Examples of Farm Lease in a sentence
The Property is subject to a farm lease (the "Farm Lease") that will expire on March 1, 2022 pursuant to a Notice of Termination of Farm Tenancy served upon the Tenant on July 28, 2021.
Owner shall have the right to terminate and cancel this Farm Lease at anytime during the term of this Farm Lease.
If owner notifies Tenant of the termination of this Farm Lease before March 1 of any crop year of this Farm Lease or after November 1 but before March 1st of the ensuing crop year of this Farm Lease, Owner shall owe no damages to Tenant.
All costs and attorney fees incurred by Owner as a result of enforcing the terms of this Farm Lease will be considered rent and shall be paid by Tenant.
Fifty (50%) on or before November 1 of each crop year of this Farm Lease.
Time is of the essence in this Farm Lease and should Tenant fail to pay rent as required or fail to comply with any other term, condition, covenant or agreement contained herein, Owner may, at its option, cancel and terminate this Farm Lease, and shall have the right to take immediate possession of the Property.
The Lessor and Lessee (hereinafter collectively referred to as the “Parties”) hereby agree to extend the Farm Lease for an additional term of one (1) year beginning October 1, 2023 and ending on September 30, 2024 (“Extended Term”).
This Farm Lease (“Lease”) shall be in effect for a period of five (5) “Lease Years” ("Initial Term") commencing on the Effective Date unless sooner terminated as hereinafter provided or unless extended pursuant to Paragraphs 1B and 6F herein.
If Owner should sell or otherwise transfer the Property, it will do so subject to the provisions of this Farm Lease.
Seller represents and warrants to Buyer the Farm Lease has been or will be terminated as of the conclusion of the 2022 crop year in accordance with Illinois law, and a copy of such termination notice and acknowledgment by farm tenant shall be provided to Buyer prior to closing Buyer acknowledges may inclement weather or other factors beyond the tenant’s control may require continued possession of the Premises by ▇▇▇▇ ▇▇▇▇▇ beyond November 30, 2022 to complete the 2022 crop harvest.