Farm Agreement
LAND LEASE AGREEMENT
This Agricultural Land Lease Agreement ("Agreement") is made effective on this 1st day of January 2050 ("Effective Date"), between James Nolan, residing at 543 Velvet Lane, Suite 88, Velvet Vista, OH 43210 ("Landowner"), and Peter King, residing at 303 Cedar Court, Suite 45, Brookside, AZ 85001 ("Lessee" or "Farmer"), collectively herein referred to as the "Parties".
1. LEASED PREMISES
The landowner hereby leases to Peter King approximately 50 hectares of farmland located at Ale St., Farm City ("Leased Premises") for the purpose of agricultural cultivation and any related uses.
2. TERM AND TERMINATION OF LEASE
This Lease shall commence on January 1, 2050, and shall continue until December 31, 2060, unless earlier terminated as provided for in this Agreement. Both Parties may agree to renew the Lease for an additional term subject to all terms and conditions herein.
3. LEASE PAYMENTS
The farmer agrees to pay the Landowner an annual rental fee of $5,000 due by December 31st each year during the Term of the Lease.
4. USE OF LEASED PREMISES
The farmer agrees to use the Leased Premises exclusively for farming or agricultural purposes, in accordance with the laws and regulations, and to exercise good farming practices. The Farmer shall not assign, sublet, or transfer the lease or any interest therein without the prior written consent of the Landowner.
5. MAINTENANCE AND REPAIR
Farmer shall maintain the Leased Premises in clean and good condition. Any repairs shall be the responsibility of the Farmer unless otherwise noted in this Agreement. Damage caused by the Farmer must be repaired at the Farmer's expense.
6. INSURANCE
The Farmer shall obtain and maintain a suitable insurance policy sufficient to cover liability related to its operations on the Leased Premises. The Farmer shall provide evidence of such policy to the Landowner upon request.
7. FORCE MAJEURE
Neither party shall be liable for failure to perform its obligations under this Agreement where such failure results from any cause beyond the party's reasonable control, including but not limited to, "Acts of God", fire, flood, or other natural disasters.
8. INDEMNIFICATION
Farmer agrees to indemnify, defend, and hold harmless Landowner against any claims, damages, liabilities, costs, or expenses resulting from Farmer's use of the Leased Premises or any breach of this Agreement.
9. GOVERNING LAW AND JURISDICTION
This Agreement shall be construed in accordance with the laws of the United States. Any disputes related to this Agreement shall be resolved through the local jurisdiction of Arizona.
IN WITNESS WHEREOF, Landowner and Farmer, intending to be legally bound, have executed this Agreement on the date first written above.
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James Nolan (Landowner)
Date: January 1, 2050
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Peter King (Farmer)
Date: January 1, 2050
