If I have a contract for use of space on a farmer’s grain leg and the contract auto renews but the term is not stated, what is the new term?

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If I have a contract for use of space on a farmer’s grain leg and the contract auto renews but the term is not stated, what is the new term?

Here is the statement: This exchange shall continue for a period of 3 years starting on X. Renewal will be auto renewed at the end of this term unless either party requests otherwise 90 days prior to the end of this agreement. (Note: neither party requested otherwise).

Asked on October 10, 2011 under Real Estate Law, Indiana

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If your written lease contract has a stated price for the grain leg that has an automatic renewal provision and the term of the written lease contract automatically renewed where no party to the agreement within ninety (90) days of its end stated that they did not want to renew the agreement, the amount to be paid would be what is stated in the written agreement.

If the written agreement has a fluctuating rate of rent increasing or decreasing each year, then the amount to be paid would be the last amount stated in the lease which was paid. For example, if in the last year the amount to be paid was "X" dollars, then that would be the amount to be paid for the entire automatically renewed period.

Good luck.


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