Iowa Cash Rent Farm Lease (Short Form) Page 3

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16. Owner’s Landlord’s Lien and Security Interest. The Operator acknowledges that a statutory

Landlord’s Lien exists in favor of the Owner. The Operator also grants to the Owner a security interest

in, but not limited to, all growing or mature crops on the Real Estate as provided in the Iowa Uniform

Commercial Code. The Operator shall sign all documents and financing statements as requested by the

Owner to perfect the Owner’s security interests.

At Owner’s request, the Operator shall provide the Owner a list of potential buyers for the crops grown

on the farm. The Operator agrees to deliver and sell such crops only to those buyers listed. The Owner

shall deliver a Notice of Security Interest to those buyers and only those buyers listed. The Operator

shall not sell such crops to any buyer not listed without first obtaining written consent of the Owner.

17. Termination Upon Default: If either party defaults in the performance of the existing rental agreement,

the non-defaulting party shall serve a notice of default upon the defaulting party. The defaulting party

shall have ____ days to cure the default. Failure to cure within the required timeframe shall terminate

the lease. If the lease terminates because the Operator failed to pay the rent due, all costs and attorney

fees of the Owner to enforce collection or performance shall be added to the obligations payable by the

Operator. The Operator shall also be liable for interest on the unpaid rent at the rate of _______% APR.

18. Other Provisions:

19. Arbitration: Any disputes between the Owner and Operator not covered by this lease may be submitted

by either party for arbitration at a reasonable fee by three disinterested persons, one of whom shall be

selected by the Owner, one by the Operator, and the third by the previously named two. If and when

disputes are submitted, a majority decision of the arbitrators shall be binding upon the parties to the

lease.

We agree to the terms and conditions of this lease and we affix our signatures this ________ day of

__________________________, 20______.

________________________________________

Operator

Owner

________________________________________

Spouse/Co-operator

Spouse/Co-owner

________________________________________

For (business entity)

By (owner’s representative)

________________________________________

Address

________________________________________

Telephone

Optional Notarization

STATE OF ____________________, COUNTY OF ______________________ ss:

This record was acknowledged before me this ______ day of ________________, _______, by

_______________________________________________________________________________.

________________________________

Signature of Notary Public

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The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, gender, religion, age,

disability, political beliefs, sexual orientation, and marital or family status. (Not all prohibited bases apply to all programs.) Many materials can be made available in

alternative formats for ADA clients. To file a complaint of discrimination, write USDA, Office of Civil Rights, Room 326-W, Whitten Building, 14th and Independence

Avenue, SW, Washington, DC 20250-9410 or call 202-720-5964.