Posted by paul on March 15, 2010 at 09:24:33 from (76.77.197.242):
In Reply to: Land rent agreements? posted by Dave from MN on March 15, 2010 at 06:45:32:
Yea, I'd get a little worried if your rough document showed up in my mailbox all of a sudden..... That seems like quite a change from what they had and all to your benifit, you might not end up with as many acres as you thought you had if you don't soften that up a little. :)
Hope you discussed the multi-year ideas with them verbally first, and this is just following up on that.
If you want a 3 year lease with options beyond that, a better way might be to have a clause to renegociate the lease after 2 year period. Kinda like the ball players do, sign a new one before the old one runs out as long as everyone is happy with how things are going. It is a perpetual lease, but renegociated every couple years before it runs out - if either side wants out there is still a year on the old lease to give everyone time.
I guess I'd really question that 'extra year' deal, just the way you word it I'd get scared & not want you on my land at all - seems like a ploy to get something for nothing.
I don't mean anything agaist you at all; just giving you my gut reaction to your words as they come across - something you might want to think on.
You might not want everyone to be on the same expiration year either - if the farm ecconomy changes, you might wish to have some expire in 2 years, others 3, and others 4 if you can swing that. Split up your risk a bit.
Generally if you have a multi year lease in MN, you get to hold that even if the land changes hands. Would be up to your lawyer to word that all legal & proper, but it is a common law thing 'here' that the lease continues.
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