A written contract is still an essential business practice when leasing farm property. The bid deposit is payable at the time of signing of this agreement and the complete payment is due within thirty.These sections provide information for determining if the land cited in the application is in agricultural production and the general types of uses on the farm. Michigan Land Lease Agreement Template. Leverage our Land Lease Agreement to authorize a tenant to enhance or develop land under your ownership. The State Tax Commission (STC) has directed that property which is receiving the homeowner's principal residence exemption cannot also be qualified agricultural. Michigan Farm Bureau created a sample hunting lease agreement. The landlord has the right to lease the farm, and so warrants to the tenant. This is different from the fixed cash rent agreement in that the price paid to the landowner is based on income, not a fixed amount. Exhibit A is the legal descrip4on of the property, a standard component of any lease agreement.