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Title: University of Maryland Extension

1
Farmland Leasing Arrangements Jenny Rhodes
Queen Anne Shannon Dill, - Talbot John Hall - Kent

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2
Farm Lease Agreement Written
agreement Components

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Lease Components
Names of Parties and description of property
Term of Lease
Rental Rates and arrangements
a. Crop-share
b. Cash Lease
c. Flexible cash lease
d. livestock share lease
e. Farm Machinery, equipment and building
leases

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Lease Components Cont.
4. Farm operating expenses
5. Conservation and Improved Practices
6. Improvements and repairs
7. Records
No Partnerships statement
Right of Entry
Arbitration ( settlement)
Additional agreements and modifications
Signatures

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You need to have a written agreement The
purpose of this presentation is to provide
tenants and landowners basic information needed
to write rental agreements. Changes in the
structure of production agriculture have
increased the need for persons entering a
contractual rental arrangement to have a written
agreement. Additionally, rental agreements should
be updated regularly to incorporate changes in
government programs, environmental regulations,
costs of production and revenue received

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Value of a written lease The value of a written
contract is in helping the prospective landowner
and tenant think about and agree upon the
essential considerations of leasing and operating
the farm. To arrive at an equitable lease, the
interested parties should talk over the basic
considerations involved in the leasing
arrangement and in managing the farm. They should
then make a contract, preferably written,
based on these considerations.

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1 Names of parties and description of property
Every lease should identify the parties entering
into
the lease contract and give the legal description
of the
property or properties involved. In addition to
the legal
description, information such as the distance and
direction from town, road name, mailing address
and popular name of the farm might be given.

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2 Term of lease The term, or length of time the
lease is to be in effect, should always be agreed
on and should be stated in the contract. The term
of the lease is important. A long-term lease is
often necessary to develop a profitable business
over time because of the need for permanent
capital investments. The tenant will not want to
share investment in permanent facilities on a
short-term lease. Usually, landowners favor a
short-term lease on the basis that a longer-term
lease lowers the market value of the farm because
it cannot readily be sold. This problem can
be solved by including a termination clause that
would apply in case the farm was sold.

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The lease agreement can be for either a
one-year lease or a longer lease, as desired.
Most agreements include an automatic renewal
clause and allow some flexibility in the terms of
the lease if the parties under contract give
adequate notice. Renewal a multi year lease
is automatically renewed unless a termination
notice has been submitted. Lease dates
Typically a lease runs for a calendar year.
However, this may vary

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Termination of lease
It is recommended that a termination notice be
given by July 1 of the growing season.
If termination is given, the operator has the
right to harvest all crops currently growing on
the given land.
If there are crop input costs for crops currently
growing, these input costs should be addressed at
the time of termination.

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In some communities, it is customary to give
notice that the lease is to be terminated before
wheat sowing time in the fall or by March 1 in
the spring. But failure of either party to give
this notice does not necessarily indicate a
desire that the lease be continued. Consequently,
it is desirable to state in the contract
the procedures to be followed for terminating or
continuing the lease contract.

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3 Rental rates and arrangements
Rental rates and arrangements for payment or
disposition of the rent are a significant part of
any lease, whether written or oral.
Basically, there are five methods of paying rent
crop-share rent share crop
livestock-share rent
cash rent
Flexible cash rent
farm machinery, equipment and buildings rent
custom farming

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a. Crop-share rent Characteristics of a
crop-share lease are that each party receives a
share of the crop as earnings for their
contribution in land, labor and
capital. Normally, crop-sharing involves grain
crops such as small grains, corn, and soybeans
and land used to participate in government
programs. Remaining areas used in producing
forages (hay and pasture) are normally cash
rented. The landowners share of the crop depends
on the contribution made toward production of the
crop. When crops are divided 50-50, the landowner
normally pays 50 percent of the cost of
fertilizer, seed and chemicals in addition to
providing the land. In other instances,
the landowner may or may not share in cash
production costs and receives a 1/4 to 1/3 share
of the crop as a return to land.

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b. Livestock-share lease Livestock-share leases
vary considerably because of differences in
contributions made to the business by each party.
The owner normally furnishes land and buildings,
while the tenant furnishes major portions of the
crop machinery. Livestock is owned jointly.
Production costs such as feed, veterinary and
medicine, other livestock expenses, fertilizer,
seed and chemicals are shared equally. Livestock
machinery and equipment may be jointly owned.
Labor costs are shared according to the
agreement, as are repairs and upkeep on permanent
buildings. The landowner usually pays for
construction of permanent buildings, or
arrangements are made to reimburse the tenant in
case the lease is terminated. Livestock and crop
sales are divided according to the terms of the
agreement

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c. Cash lease The cash lease is normally
uniform and
relatively simple. The tenant pays the landowner
a cash
sum per acre or a lump sum for his or her
investment
in farm resources. Provisions in the lease
generally state
the terms of agreement. For example, the
landowner
may place restrictions on the use of land or
fields for certain
crops. Also, the agreement might state the degree
of productivity to be maintained. Provisions
should also
state the amount and method of paying rent.
degree of productivity The definition may need
to be defined as part of the agreement. It is
assumed that this definition reflects the soil
nutrient values. Soil tilth, erosion and other
soil parameters may also be addressed

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d. Flexible cash lease The flexible cash lease
is a hybrid of the cash lease. The flexible cash
lease agreement states that the tenant will pay
in proportion to either or both the price and the
yield level. There are many methods for flexing
the rental agreement. The most common method is
flexing gross (or net) revenue so that the tenant
and landowner share the risks associated with
cash renting. If revenue is greater than
the established base level, the tenant and
landowner share the excess revenue. If revenue is
less than the established level, the tenant and
landowner share the lost revenue. However, often
there is a cash lease price floor that
the landowner is guaranteed. Other types of
flexible cash rental arrangements include flexing
only price or yield or flexing both

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e. Farm machinery, equipment and buildings leases
Renters have found that leasing unused
resources can be cheaper than making new capital
investments. Also, producers have found in
certain situations leasing machinery and
equipment from dealers can be cheaper than
purchasing. Additionally, machinery and
equipment leasing arrangements can be between
renters and owners to allow the renter to avoid
paying full value and the owner to generate
revenue to cover the ownership costs. Renters
need to compare the size, condition, obsolescence,
use, location and lease cost of the capital good
versus the cost of purchasing the capital good
outright. Owners are primarily interested in
recovering ownership costs. The lease price
should equal the amount needed to cover ownership
costs and variable costs, such as upkeep costs
incurred from renting the capital good. Both
renters and owners should consider current value,
depreciation, interest, insurance and taxes,
inflation, repairs and maintenance when
agreeing on a lease value.

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The cash lease is the most common. The second
most often used is the crop-share lease. Flexible
rental
agreements are increasing in use as tenants seek
to share downside revenue risk with landowners
and
landowners seek to capture upside revenue
potential.
The rental arrangement for each specific farm
should be
developed to fit the farm and the planned
operating procedures.
These conditions are known best by the landowner
and prospective tenant, so they should work out
the most satisfactory arrangement between them.
No standard lease form can be used to develop an
equitable rental agreement. The function of the
form is to record operating procedures agreed
upon by the parties entering the contract.

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4 Farm operating expenses Reaching
agreement on farm operating expenses provides an
opportunity for the tenant and landowner to
discuss and designate the share of cash
production costs that are to be paid by each
party. We have shared Custom rates and budgets
with you Soil Ph / Lime may fall into this area
and needs to be addressed

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5 Conservation and improved practices
To improve or maintain the productivity of the
farm, conservation and improved production
practices
are usually warranted. Normally, conservation and
other improved farming practices require
additional
labor and expenditures. Give important
consideration
to questions such as who contributes the labor
and cost
of implementing the practice and how these
contributions affect income for both tenant and
landowner.
CRP cutting waterways spraying noxious weeds

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6 Hunting
Waterfowl and deer hunting provide a significant
value to many farms on Delmarva.
Careful consideration must be given to liability
issues as well as methods of hunting, frequency
of hunting, trash from hunters, pit, stand and
roadway maintenance and location.
The land owner must understand liability issues
of the property owner
See additional issues and contract

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7 Improvements and repairs
Misunderstanding is prevented by agreeing ahead
of time what repairs will be done, how much will
be
done and what each party will furnish toward
them.
In many instances, tenants provide equipment that
legally becomes permanent fixtures on the farm.
Disagreements can be avoided and the farms
resources more fully used if both landowner and
tenant agree on needed improvements.
Roadways, fencing, and machinery storage fit this
need.
Goose pit construction may also fit this area

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8 Records Farm records are a necessary part of
farming. The records need not be elaborate or
formal accounts but at least should cover all the
expenses affecting both parties. The tenant is
the logical person to keep the records because he
or she is usually in closer touch with the day
to- day operations. If the records are kept as
part of a complete farm account record, they will
have greater value to the total
business. Nutrient management plans maybe part
of the records shared. They include 1. soil
tests 2. nutrient inputs 3. Yield
records Owners can get copies if
requested Pesticide records may also be part of
the records shared

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9 No partnership
A lease does not create a partnership. A
statement
of this nature is advisable in any lease form.
Rental arrangements involving livestock-share
leases are more apt to be considered partnerships
than
the crop-share arrangements, but such
arrangements are more likely to be considered
modifications of the
landowner-tenant relationship as traditionally
established under the crop-share lease.

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10 Right of entry Every farm lease agreement
should include a statement giving the landowner
the legal right to enter the property. Without
such a statement, a tenant has the right to treat
any entrant on the property as a trespasser,
including the landowner

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11 Arbitration (settlement) Differences of
opinion can arise rather unexpectedly. For this
reason, leases should be in writing. Time tends
to make oral agreements hazy while a
written agreement is always available for
reference and recall. Also, a written lease
forces both parties to argue out their
differences in most areas where differences
of opinion may occur. This section is included to
encourage the use of disinterested persons for
settling differences promptly and in a friendly
manner rather than by litigation. The county
agent, MDA personnel, banker, etc may assist in
arbitration

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12 Additional agreements and modifications
It is often necessary to change or add to
contractual
arrangements, and one of the tests of a good
lease is its flexibility for changing the
operating plan. Any changes made after the
initiation of the original contract should be
made a part of the written contract.
All agreements which encumber the land should be
addressed.
CSP/ CRP are examples

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12 Signatures
Signatures by each party are one of the five
essential
parts of the lease contract. The agreement
becomes a
contract when it is signed. All co-owners of the
property,
including husband and wife, should sign the lease
agreement when property is held in joint tenancy
or tenancy by entireties.
Signatures should be by individuals rather than
family members, partners, share holders, etc. so
it is clear who is involved.

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Our goal is to suggest lease agreements that
will Reduce Risk

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Risk considerations
Crop Input costs
Machinery costs
Fuel costs
Land costs
Volatile commodity markets
A very troubled monetary system

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Famer controlled costs
Crop Input costs
Machinery costs
Fuel costs

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What can you do to control Crop Input costs?
Seed
Fertilizer
Herbicides
Insecticides
Tillage methods

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What can you do to control Machinery costs?

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DIRTI Method to determine cost of
ownership D- Depreciation I Interest R
Repairs T Taxes I - Insurance

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Depreciation Definition a. tax
purposes b. real value purposes (amortize)

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Depreciation - Real b. real value
purposes 200,000 combine 8
years Residual value 50,000 What are annual
costs? 150,000/8 18,750.00 per year

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DIRTI 200,000 combine
Ownership costs
Amortization 18,750.00
Interest 50 at 9 9,000.00
Repairs 1 2,000.00
Taxes
Insurance 1 2,000.00
Annual ownership costs 31,750.00

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Machinery costs What are real combine costs at
31,750.00 per year per acre? a. 500
acres 63.50 b. 1000 acres 31.75 c. 1500
acres 21.17 d. 2000 acres 15.87

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Fuel costs 1. Assume 12 gallons per hour 2.
4.00 per gallon 3. 3 acres per hour 12
4.00 48.00 / 3 16.00 per acre

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What about Labor? Assume 15.00 per hour-
salary plus any benefits Remember Health care -
5,000 5.00 per acre

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Total Costs for combining 500 acres 1000
acres 1. Ownership 63.50 31.75 2. Fuel
16.00 16.00 3. Labor
5.00 5.00 Real costs
84.50 52.75 Per acre

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Total Costs for combining 1500 acres 2000
acres 1. DIRTI 21.17 15.87 2. Fuel
16.00 16.00 3. Labor 5.00
5.00 Real costs
42.17 36.87 Per acre

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Ownership costs

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Suggestion Custom rates should be a.
ownership costs Plus b. Fuel
c. labor

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Example Break

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Land Costs

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Rental rates and arrangements Cash
Rental Rates Determine a fair rate
Crop-Share Leases Calculating a Cash Rent
Lease Flexible Cash Leases

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Background
Land values have been steadily increasing along
with land taxes. Land owners are looking for ways
to off set this increased costs
Land rents have escalated dramatically in some
areas
Rents in Iowa have topped 300 per acre when corn
was 6.00
Some local rents have approached 175.

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Quick Overview Crop share cash flex
From the Owners perspective Which lease
is least volatile from year to year? From the
Tenants perspective Which lease is most
volatile from year to year?

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Land Rental rates and arrangements-
Crop-Share Leases
Cash Rental Rates
Leasing Practices
4. Flexible Cash Leases

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1. Crop Share 50-50 Lease Landlord
Tenant Land
Labor Machinery
Management ½ inputs ½ inputs

½ Income
½ Income

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1b. Crop Share 60-40 Lease? Landlord
Tenant Land
Labor Machinery
Management ½ inputs ½ inputs

60 Income
40Income

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2. Determining A Fair Cash Rent Value

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Iowa State Examples applied to Delmarva
Options to consider

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Calculating Cash Rent Values

By survey
Cash Rent Market Approach
ISU Extension Publication FM 1851 Cash Rental
Rates for Iowa 2008 Survey (released in June)
Three Methods for Determining Cash Rent Values
Typical Cash Rent
2. Average Rent for Production
3. Average Rent for Corn Suitability Rating (CSR)

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Calculating Cash Rent Values

Three Methods for Determining Cash Rent Values
Typical Cash Rent
2. Average Rent for Production
3. Average Rent for Corn Suitability Rating (CSR)
( based on soil type)

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Calculating Cash Rent Values

Typical Cash Rent
Extensive survey system at Iowa State

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Calculating Cash Rent
1. Typical Cash Rent Iowa Area 3
County Cerro Gordo Determine Overall average
200 High Quality Third 238
Middle Quality Third 204 Low Quality
Third 159 Based on survey cost and
yield 2007 - 2008

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Calculating Cash Rent
Maryland data

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Maryland Cash Rent by County NASS UDSA Annapolis
County 2005 2006 2007 Caroline 81.2
6 75.68 73.65 Cecil 72.31 74.44
72.19 Dorchester 81.56 76.92
77.54 Kent 83.08 83.12 89.13 Queen
Anne 90.47 91.81 92.18 Somerset 62.5
7 63.55 64.68 Talbot 76.71 83.12
83.02 Wicomico 71.45 73.20
73.21 Worchester 75.04 80.64 82.38
Does not include 2008

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Calculating Cash Rent
1. Typical Cash Rent Upper shore
Determine Overall average 100 High
Quality Third 130 Middle Quality
Third 100 Low Quality Third
70 Based on NASS data upswing in 2008 caused
by high commodity prices are not included

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Calculating Cash Rent Values
2. Average Rent for Production

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Calculating Cash Rent
2 a. Average Rents Per Unit Corn
Yield Iowa Determine Average Rent for Corn
Farms Average Corn Yield (bu/A) 175 Equals
the Average Rent for Corn Acre 200 Rent
per bushel of Corn yield 1.14

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Calculating Cash Rent
2 b. Average Rents Per Unit Soybean Yield
Iowa - County Cerro Gordo Determine
Average Rent for Soybeans Farms Average
Soybean Yield (bu/A) 45 Average
Rent for Soybean Acres 200 200 / 45 per bushel
of Soybean yield 4.45

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Calculating Cash Rent
Maryland data

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Calculating Cash Rent
Maryland data 2 a. Average Rents Per Unit Corn
Yield Determine Average Rent for Corn
Farms Average Corn Yield (bu/A) 125 Equals
the Average Rent for Corn Acre 100 Rent per
bushel of Corn yield 0.80

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Calculating Cash Rent
Maryland Data 2 b. Average Rents Per Unit
Soybean Yield Determine Average
Rent for Soybeans Farms Average Soybean
Yield (bu/A) 35 Equals the Average Rent for
Soybean Acres 100 Rent per bushel of Soybean
yield 2.85

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Using Corn Suitability Rating (CSR)

Iowa data
3. Average Rents Per CSR Index Point
Select the Area of the State/County Cerro
Gordo
Determine the Average Cash Rent using CSR
Farms Average Corn Suitability Rating78
Times rent per CSR index point2.56
Equals the Average Rent for all Row Crop
Acres 200
Source ISU Extension Publication FM-1851

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Soil Type Acres Percent CSR -------------------
------------ T370B 61.47 23.2 85 248 17.72 6.7
60 T368 16.70 6.3 90 212 11.71 4.4 91 T369
87.78 33.1 85 133 9.69 3.7 80 220 60.11 22.7
85 ------------------------------- Totals 265.19
100.0 83.73 Iowa Corn Suitability Rating based
yield estimation 179 bushels per acre

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Rental rates based on soil productivity James
Brewer Resource Soil Scientist USDA-NRCS Easton,
MD

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See 2003 Eastern Shore Soil productivity
grouping FSA yields 2003 Group 1 150 bushels
per acre Group II 135 bushels per acre Group
III 120 bushels per acre Group IV 90 bushels
per acre Average 125 bushels per acre

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Rental rates based on soil productivity
groupings, yield potential and value Group 1 150
bushels per acre 0.80 120 Group II 135
bushels per acre 0.80 108 Group III 120
bushels per acre 0.80 96 Group IV 90
bushels per acre 0.80 72 Average 125
bushels per acre

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Additional Iowa Cash Lease Calculations
A. Gross Income Method B. Tenant Residual
Method C. Crop Share Method D. Return on
Investment Method

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A. Share of Gross Income
CORN (150 buX
3.80) 22 592.00
SOYBEANS (35 buX 7.70) 22 291.50 Iowa
cash rents typically are equal to about 30 to 40
percent of the gross income from producing corn,
and 35 to 45 percent of the gross income from
producing soybeans. Maryland example
Cash Rental Rate 4a. CORN592./ac X 25
148.00 4b. SOYBEANS291.50/ac x 35
102.00 Average 125.00

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A. Share of Gross Income
Iowa Keep in mind, at 35 40 of the gross
income going into land rent, , the operator
cannot do anything else. If he does, he must bill
his services to the land owner. You must
understand the complete rental agreement before
you compare rental rates from one region to
another

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A. Share of Gross Income
Iowa CORN (175
buX 4.50) 22 809.50
SOYBEANS (45 buX 9.00) 22 427.00 Iowa
cash rents typically are equal to about 30 to 40
percent of the gross income from producing corn,
and 35 to 45 percent of the gross income from
producing soybeans. Cash Rental Rate
4a. CORN809.50/ac X 25 202.35
4b. SOYBEANS427/ac x 35 149 Average

175.67

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A. Share of Gross Income
Iowa CORN (175
buX 4.50) 22 809.50
SOYBEANS (45 buX 9.00) 22 427.00 Iowa
cash rents typically are equal to about 30 to 40
percent of the gross income from producing corn,
and 35 to 45 percent of the gross income from
producing soybeans. Cash Rental Rate
4a. CORN809.50/ac X 25 202.35
4b. SOYBEANS427/ac x 35 149 Average

308

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B. Tenant Residual Method
CORN 592 526.39 65.61 SOYBEAN
291.50- 310.51 (-19.01) Average
23.30 Price and yield is
everything

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C. Crop Share Method 50-50 Share
12/3/2008 Prices Corn 50 of gross
minus owners costs 592/2 296
(406.04/2(203)) 92.00 Soybeans 50 of
gross minus owners costs 291/2
145.5-(211.12/2( 105.56) 39.94 Average66.
00 (1)The owner is assumed to pay 50 percent of
the costs for seed, fertilizer, lime,
pesticides, crop insurance, interest and
miscellaneous, and drying and storage.

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D. Return on Investment Method Iowa
Iowa farm estimated to have a market value of
5,000 per acre. Expected Rent (4.8) X 5,000 /
acre 240/acre(4.8 -2003-2007 avg.)

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Iowa Corn Soybeans Cash
Rent Survey 200 200 Per Bushel
Yield 205 200 Per CSR Point 200
200 Gross Income 363 (290) 252
(202 Tenant Residual 539 (332) 311 (185)
Crop Share 355 (251) 219 (156) Return on
Investment 240 240 Average 300
(245) 232 (198) Todays Average
266 (222) 2007 Survey Average - 162

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Future Consideration

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Future Consideration
What are prices (income) going to be?
Ethanol impact how long? Shifts in what is
grown Global impact? What are inputs going
to cost? Higher oil, higher fertilizer
costs. Higher demand for seed, technology
cost.

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Corn Cost of Production What if?

Fertilizer 188.40
Seed 71.01
Pesticides 49.08
Insurance 21.00
Drying and Storage 20.00
Machinery and Labor 160.35
Interest 16.55
Total (w/o rent) 526.39/150 3.51 per bu.
Land charge 80.00 606.39 /1504.04
per bu

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Bottom Line
Risk management strategies and tools will be
extremely important for 2009.

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New Average Crop Revenue Election (ACRE)
Gives producers a one-time option to choose a
revenue-based counter-cyclical payment program,
starting in 2009 through 2012 Producers choose
between the current program (LDP and CCP) or
ACRE Computed on planted acres, up to the
total number of base acres on the farm Price
guarantee is the 2-year average of the
national price (seasonal).

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Average Crop Revenue Election (ACRE)

Gives producers a one-time option to choose a
revenue-based counter-cyclical payment
program,
starting in 2009
Producers choose between the current stable of
programs or ACRE
Producers choosing ACRE agree to 20 decline
in direct payments and 30 decline in loan
rates

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Flexible Cash Leases
Desire Stable and predictable rents. Current
Reality Prices and yields are very
unpredictable. Potential Solution Flexible
lease contract

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Advantages
Disadvantages
Owner and producer share in risks Not as well
understood as traditional cash lease or
crop share More difficult to calculate Owner
benefits from tenants management
skills Tenant loses windfall profit potential
from high prices
Price and production risk shared as well as
profit opportunities Actual rent adjusts as
production or price change Owner does not have
to be involved in decision making about
inputs or marketing

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Flexible Cash Lease is a Cash Lease
If the final rent does not depend on the farm
yield, a flexible rent is still considered to
be a cash rent. Example base rent on
county average yield and actual price at
harvest. County yields are not published until
March each year.

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Types of Flexible Cash Leases
Rent varies with both price and yield
Matches tenants ability to pay Rent varies
with yield only Could have high yields, low
prices Rent varies with price, only Could
have low yields, high prices

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Base plus Bonus
Paying a flex bonus when revenue is above
expectations does not affect the split of
payments if it is not based on the actual farm
yield. Provide a copy of your agreement to the
FSA county office.

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107

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Example
High yield - low price 180 bu. 2.50 Low
yield - low price 90 bu. 2.50 High
yield high price 180 bu. 4.50 Low yield
high price 90 bu. 4.50 Go to spread sheet

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Example
High yield - low price 180 bu. 2.50 Rent
Low yield - low price 90 bu.
2.50 Rent High yield high price 180 bu.
4.50 Rent Low yield high price 90
bu. 4.50 Rent

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Other Resources
Materials from this meeting
http//www.extension.iastate.edu/feci/Leasing/vflm
.html Online Courses Ag Management e-School
http//www.extension.iastate.edu/ames
Workshops, meetings, conferences
http//dbs.extension.iastate.edu/calendar/
Publications rental survey, land value survey,
etc. http//www.extension.iastate.edu/pubs/
Articles and spreadsheets http//www.extension
.iastate.edu/agdm/ Private Consultation
http//www.extension.iastate.edu/ag/fsfm/fsfarmmg.
html

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Putting a Lease Together Move back Improving
Negotiation Skills Focus on win-win situations
Dont underestimate your position at the
bargaining table Formulate a resistance point

University of Maryland Extension

112
Irriagated ground

University of Maryland Extension
113
Summary

A Good Lease agreement
Written
Names of parties
Terms of lease
Rental rates and arrangements
May address farm operating expenses
Should include conservation and improved
practices
Hunting provisions

University of Maryland Extension

114
Summary
7. Should address improvements and repairs 8. May
include records nutrient management 9. May
include statement that states it is not a
partnership 10. Right of entry statement 11.
Method of arbitration 12. Additional agreements
if any 13. Signatures

University of Maryland Extension

115
Summary
Rental Rates a. crop share b. cash lease c.
flexible cash lease d. Livestock share lease d.
farm machinery, equipment, and building lease

University of Maryland Extension

116
Summary
Determining cash rental values 1. Surveys
NASS data by county 2. Using soil productivity
groupings NRCS 3. Gross income method 4.
Tenant residual method 5. Crop share method 6.
Return on investment

University of Maryland Extension

117
Summary
Introduced the new Flexible cash lease
method Hybrid of the share crop and cash
systems What to share in good times reduces
risks in volatile times Way to protect land
owner for actually participating ( FSA ruling)