Fillable Lease Agreement For Farms Of New Mexico (Page 4 of 5) in pdf

VII. Records

Records of all matters of joint interest shall be kept by the tenant and shall be available to the landlord upon request.

The records shall specify the following items (Examples: livestock inventories, crop production expenses, production

yields, etc.):

________________________________________________________________________

________________________________________________________________________.

VIII. Nonpartnership agreement

This lease does not give rise to a partnership. Neither party shall have authority to bind the other without his/her

written consent.

IX. Right of entry

The landlord shall have the right, in person or by agent, to enter upon the farm for inspections, repairs or improvements.

In case this lease is not to be renewed, the landlord or the incoming tenant shall have the right before it expires to do

plowing or other work on the farm when doing so will cause no damage as interference to the present tenant.

X. Mineral rights

Nothing in this lease shall confer upon the tenant any right to minerals underlying said land, but the same are hereby

reserved by the landlord together with the full right to enter upon the premises and to bore, search and excavate for

same, to work and remove same, and to deposit excavated rubbish, and with full liberty to pass over said premises

with vehicles and lay down and work any railroad track or tracks, tanks, pipelines, power lines and structures as may

be necessary or convenient for the above purpose. The landlord agrees to reimburse the tenant for any actual damage

he may suffer for crops destroyed by these activities and to release the tenant from obligation to continue farming this

property when development of mineral esources interferes materially with the tenant’s farming operations.

XI. Arbitration

If parties to this lease cannot reach an agreement on any matter or problem, the question shall be submitted to an

Arbitration Committee. This committee shall be composed of three disinterested persons, one selected by each party

hereto and the third by the two thus selected.

XII. It is mutually agreed that

a) This lease shall bind and shall inure to the benefits of the heirs, executors, administrators and assigns of both parties.

b) If either party neglects or refuses to carry out any material provisions, the other party shall have the right, in

addition to compensation for damages, to terminate the lease. He shall do so by written notice on the party at

fault, specifying the violations of the agreement. If violations are not corrected within 30 days, the lease shall be

terminated.

XIII. Additional agreements and modifications

Any additions to this lease contract or changes therein shall be in writing and, when so signed and executed before

witnesses and attached hereto, shall become a part hereof.

Cooperative Extension Service • Circular 598

Lease Agreement For Farms Of New Mexico Page 4