F. Poss Farms, Inc. v. Miller

The parties entered into a contract whereby buyers agreed to purchase a farm belonging to seller on which there was a planted wheat crop. The contract provided for a purchase price of $273,000; $15,000 to be paid on the signing of the agreement; $15,000 on July 1, 1971; $10,000 on December 10, 1971; and a like sum on each succeeding December 10th until the total was paid in full, together with interest at the rate of 5 3/4% on $243,000, or the unpaid balance. It provided for buyers to take possession of the property on January 1, 1971, and, as to the wheat crop, the contract provided that "second parties (buyers) specifically covenant and agree to apply any income received and derived from the 1971 wheat crop, but not exceeding $10,000 to the December, 1971 principal payment."