- 6 -
On January 25, 1993, the Schmidts conveyed to Hillside Dairy
their interest in the Schmidt farm, including the farmhouse.4
Hillside Dairy raises corn and maintains between 30 and 35
milking cows (half owned by the corporation and the other half by
Mr. Schmidt individually).
On August 9, 1994, Mr. Schmidt acquired a one-fourth
interest as a tenant in common in 166 acres located approximately
1 mile from the Schmidt farm. On November 30, 1994, Mr. Schmidt
conveyed his interest in the 166 acres to Hillside Dairy by
warranty deed. On the same date, the other three tenants in
common transferred their interests in the property to Hillside
Dairy.
C. Farm Lease
Hillside Dairy leased the Schmidt farm and the 166 acres to
Mr. Schmidt under a written agreement titled “Farm Lease”, dated
December 1, 1995. The initial term of the lease was 1 year (to
November 30, 1996); the lease continued on a year-to-year basis
until otherwise canceled. During the years at issue, Hillside
Dairy leased a pasture to a neighbor of Mr. Schmidt.
Mr. Schmidt agreed to pay $6,000 rent to Hillside Dairy for
the use of “the building site and improvements”. In addition,
4The Schmidts held their interest in the homestead under a
contract for deed until January 1998. In January 1998, the
Schmidts acquired title to the homestead. In April 1998, the
Schmidts conveyed title of the homestead to Hillside Dairy.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011