Every state has different laws, different court cases setting up a pattern to follow in absence of set law.
In the past (1980s) some farmers defaulted on rent for current year, and with no notifications sent out, got to auto renew the lease for the following year at the same rates, and defaulted on those also.
With 2 years of free rent under their belt, they were able to become the BTO in the areas as real farmers struggled to pay their bills and hang on. It left the honest hard working fellas way behind, and set up the sleepy types as the big wheels in each county and a new set of business rules and ethics - well non-ethincs - for the farming world.
So, a word to the wise to follow the advise of the local attorney you have, so you don't get hooked for more damages in the next year.
It sounds like he is down on his luck maybe, and if you can work with him get a plan worked out, as others suggest.
I'd say the lime might be a 5 year deal, but depends what your soil was, what type of lime he applied, and how much. Ag lime at the recommended rate would be a 5 year consideration.
If he is someone you wish to continue working with and this is a down on his luck deal, I would try to get the full amount as the contract spells out eventually, but considering the farm ecconomy and $3.27 corn today compared to $7 corn less than 2 years ago (similar issues with all grain prices), your rental rates might need to be adjusted quite a bit for future years? If he was a good farmer and paid on time/ well in the past, you may want to lighten the load for 2014/15 despite the contract you hold, based on where crop prices have gone.
So as mentioned, a chat and character assessment with him and where you want to go with all this is in order. Work with or kick to the curb, and follow a plan to get where you want to go, protect your side of the ball.
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