The bank may want a copy of the lease agreement to show where you are going to put those
cattle. It can’t be too comprehensive.
are certain things that are common in the industry as far as who pays for what and what happens with improvements, but it’s really a good idea for people to address those in the actual lease document itself, and make sure the lease is very clear on exactly what is going to happen in all of those circumstances.” The lease should also take into account the respon-
sibility for livestock care in the event of a drought or other disaster that destroys forage, such as a grass fi re. It should be specifi c; saying the livestock should re- ceive “adequate hay” leaves the defi nition of “adequate” subject to interpretation. The contract should state which party has the au-
thority to cancel the agreement or implement remedial action such as a reduction in the stocking rate. “It’s also really important to determine the amount of notice that will be given to the lessee before he must have his cattle or sheep off the property,” Lashmet says. “From the lessee’s perspective, he will have to fi nd somewhere else to put his livestock, so a longer notice period is go- ing to be more benefi cial for him. We saw some issues with that when it wasn’t adequately addressed, with the drought that we faced over the last couple of years.”
Lease rates Lashmet says that record cattle prices have changed
the leasing environment. In some places, it’s hard to fi nd land to lease because landowners want to run their own cattle. Leases tend to track land values, which have been rising. In August, USDA’s National Agricul- tural Statistics Service pegged the average value of an acre of pastureland in Texas at $1,580, up 9 percent from 2013, and cash rents for pastureland at $6.50/ acre, unchanged from 2013, with a high of $12.00 for the Blackland Prairie and Upper Coast areas, lows of $1.40 for the Trans-Pecos, and $3.30 for the Southern High Plains area.
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98 The Cattleman March 2015
thecattlemanmagazine.com
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