Note 8Commitments and Contingencies The Company is not currently subject to any known material contingencies arising from its business operations, nor to any material known or threatened litigation. In April 2015, FPI Agribusiness entered into a marketing contract to sell 25,000 bushels of corn at $3.98 per bushel in the fourth quarter of 2015 to protect against the commodity pricing exposure from farming operations. The position was extended with the corn delivered in the first quarter of 2016. The contracts are accounted for using the normal purchase and sales exception for hedge accounting. In April 2015, the Company entered into a lease agreement for office space. The lease expires July 31, 2019. The lease commenced June 1, 2015 and has an initial monthly payment of $10,032 . As of December 31, 2015, future minimum lease payments are as follows: Future rental Year Ending December 31, payments 2016 $ 121,560 2017 123,567 2018 125,574 2019 74,073 $ 444,774 A sale of any of the Contributed Properties that would not provide continued tax deferral to Pittman Hough Farms is contractually restricted until the fifth (with respect to certain properties) or seventh (with respect to certain other properties) anniversary of the completion of the formation transactions. Furthermore, if any such sale or defeasance is foreseeable, the Company is required to notify Pittman Hough Farms and to cooperate with it in considering strategies to defer or mitigate the recognition of gain under the Code by any of the equity interest holders of the recipient of the OP units . As of December 31, 2015 the Company had the following properties under contract. These acquisitions are expected to close in the first half of 2016, subject to the satisfaction of certain customary closing conditions. There can be no assurance that these conditions will be satisfied or that the pending acquisitions will be consummated on the terms described herein, or at all. Total approximate Farm Name County acres Purchase price Forsythe (1) Various (2) 22,128