The New Mexico land lease agreement is a legal document which binds the landowner and the tenants when it comes leasing farmlands in Mexico. It is prepared in accordance with the state laws and covers all aspect of the tenancy and allows farmers to grow.
Steps to Fill the New Mexico Land Lease Agreement
How to fill the New Mexico land lease
The first section as a detailed explanation of the history, and the farm rental agreement in details as well as terms and conditions associated with this type of agreement.
Name of the parties
- The date the agreement is entered
- The name of the landowner and the tenant
- The description of the premise and the address
Terms of lease
- The number of years to be leased indicating the start and termination of the lease.
Rental rates and arrangements
- This section has three options which should be filled appropriately. Option A is crop share rent, which indicates the approximate number of acres and the landlords and tenants share fraction.
- Option B is the Livestock Share rent, which indicates the approximate number of livestock to be kept in the farm and the landlords and tenants share fraction.
- Option C is Cash rent whereby the tenant agrees to pay a certain amount of money, the place and amount to be paid either monthly or annually, and the commencement date.
Farm Operation
- Name of equipment, name of the party to furnish it, operating expenses, and information about proportionate sharing between landlord and tenant.
Conservation, irrigation and improved farming practices
Under this section, details must be well filled as required on the following:
- Soil Conservation District Plan for Farm
- Conservation and other practices
- Other improved practices
Improvements and repairs
- The restrictions are given to the tenant during the term of the lease
- A list of additional enhancements by the landlord
- Construction and removal of fixtures by the tenant
- Compensation to the tenant for the unexhausted value of improvements
Records
- A detailed report on the records which are specifically related to livestock inventories, crop production expenses, production, yields among others.
Signatures
- The date and signatures of both the landlord and the tenant.
- The notary details as both parties must sign before a notary public of New Mexico State and obtain his/her acknowledgment in the required format to execute the land lease agreement.
It is recommended that both parties must review the agreement and understand the obligations and what it entails before committing to make the lease period easier. Preparing the document together is vital as it allows for a better understanding when it comes to various inputs and distribution of liabilities and profits.
