R97-09 AUTHORIZING A CONTRACT - Laserfiche WebLink

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r � .. (c) To collect the Owner's share of all rentals; all income fmm cmp and product sales; and any other form of farm related income due to Owner, and deposit all monies in the above stated account. (d) To pay such sums as may be necessarily incuned in the purchase of seeds, commercial fertilizers, insecticides, herbicides, and all the other expenses incidental to the normal operation of the farm real estate. (e) To pay all general and special ta�ces and assessments levied upon said farm real estate. (� To invest undistributed income cash in some form of Magna Trust Company interest earning account, the same shall be held as an asset of this account. It is understood that such investment shall be of a temporary nature, and may be liquidated as deemed necessary in the management of this account. The account sha11 be FDIC insured or invested in U.S. government obligations, money market account without management, distribution, nor other fees. (g) To distribute surplus farm account funds after maldng reserve for operating expenses, on the basis of the ownership interests as stated within this contract. Distribution fiequencies shall be determined by the landowner and the manager shall be notified of such requests in writing. � (h) To sell the Owner's share of all crops and products at the prices and terms fixed by the I� best judgement of the Manager. (i) To keep all crops insured against hailstorms. (j) Owner shall be named as additional insured on Magna Trust Company's current certificate of commercial liability insurance with the following minimum limits: General Aggregate $2,000,000 Products - Comp/Op Agg $2,000,000 Personal & Adv Injury $1,000,000 Each Occunence $1,000,000 Fire Damage $ 50,000 Medical Expenses $ 5,000 Auto & Farm Machinery (combined single limit) $1,000,000 Magna 1�v.st Company, and potential subcontractors, will be required to sign Owner's hold harmless agreement, except for acts or omissions by owner or owner's other agents. (k) To contract for and superintend such improvements and general repairs as may be needed in an amount not to exceed $100.00 unless approved by Owner, and to pay for such items from the Owner's above described account.