Note 8 Commitments 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 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 September 30, 2015, future minimum lease payments are as follows: Future rental Year Ending December 31, payments Remaining 3 months in 2015 $ 30,098 2016 121,560 2017 123,567 2018 125,574 2019 74,073 $ 474,872 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. On August 24, 2015, the Company entered into a promissory note agreement with a third-party non-tenant farmer to provide up to $2,000,000 in the form of a term note. As of September 30, 2015, $1,800,000 has been funded with the remaining $200,000 of funding subject to the satisfaction of customary lending requirements, including finalization and issuance of the title research and appraisal report. During the third quarter of 2015, the Company entered into purchase agreements with unrelated third-parties to