Indiana Farmland Lease Agreement

If no changes are made to the lease, the existing conditions for next year are maintained. Gerald Harrison, a professor of agricultural economics and a member of the Indiana State Bar Association, said a 2012 ruling by the Indiana Court of Appeals had indicated that the termination of a lease had to be written down, that the property had to be properly identified and carried out in a timely manner. Rental. The process of drafting an agreement tends to prevent access and misunderstandings and to improve communication between the parties and to provide details of the parties` intentions and a written protocol for the heirs. The second function of a written lease is to provide legal proof of the agreement. This publication contains a blank lease form to help landlords and tenants reach their agreement in writing. The form provided is not supposed to advise a… According to the annual Purdue Farmland Survey released in August, indiana cash rents declined in 2016 compared to 2015, as grain prices remained low after several years of heavy harvests and a slowdown in global demand. There are signs that producers may face financial difficulties again next year. Farmers` yields have been low since 2014: farmers in central Illinois have averaged us$17 per hectare between 2013 and 2018 (see Chart 3). From a yield perspective, $17 per hectare is a low yield for the risk of operating one hectare of cash rent. There are a number of reasons for overall stable cash rents in recent years, including the competitiveness of the agricultural market, farmers` fear of losing their competitiveness in the event of loss of rental land, the accumulation of financial reserves during the years of high yields from 2006 to 2013, and optimism about future prices.

”The budgets for plant production in 2017 show big losses for producers of cash rents in 2016,” Harrison said. ”The result is considerable pressure to reduce cash rents, particularly leases, which are based on firm cash payments, not flexible rates.” In this case, the tenant had an oral notification to terminate the lease of two establishments, but only one company was identified in the written notice. For more information on the right to lease land in Indiana, click here. Landowners and tenants who wish to renegotiate or terminate agricultural leases should provide clear and timely written communication about their intentions, rather than relying on word-of-mouth propaganda, says an agricultural law expert at Purdue Extension. Once all the thoughts and numbers are done and you decide to terminate the lease of arable land, there are steps you should take to do it properly, says Erin Herbold-Swalwell, a lawyer at Brick Gentry, PC in Mingo, Iowa.