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For Wholly Owned Farms we will: |
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1. Identify a tenant and negotiate lease
terms. |
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2. Collect rents and pay bills. |
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3. Make an annual distribution of net proceeds
along with an accounting. |
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4. Management fee is one half of one percent
of the value of the property. |
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5. LPA will manage the day-to-day operations
of the property but owners will retain control. |
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For Tenant In Common Properties |
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1. LPA will rent the property on a net
lease basis. |
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2. LPA will lease the farmland from the
TIC owners for a fixed monthly rent. |
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3. Lease term 5 to 10 years unless terminated
earlier by the TIC owners or the sale of the land. |
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4. No fee paid for management services. |
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5. The lease will terminate upon the sale
of the property or upon the 70% vote of the TIC owners. |
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| 6. |
You and the other TIC owners can
use your experience and expertise to guide your decisions
regarding the operations of the property. |
|
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7. All major decisions are determined by
a vote of the TIC owners. |
| |
8. LPA will manage the day-to-day operations
of the property but owners will retain control. |
