Number range CHAPTER**UNITED STATES BANKRUPTCY COURT**

**EASTERN DISTRICT OF MISSOURI**

**NORTHERN DIVISION**

In re: )

)

> ) Case no:\_\_\_\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, )

> ) Chapter 12

)

> Debtors. )

**[PLAN OF ADJUSTMENT OF DEBTS OF A FAMILY FARMER]{.underline}**

**[WITH REGULAR INCOME]{.underline}**

The Debtors, pursuant to § 1221 of Title 11 of the United States Code,
propose the following Plan of Adjustment of Debts of a Family Farmer
with Regular Income (the "[Plan]{.underline}").

**[DEFINITIONS]{.underline}**

The following terms when used in this Plan shall, unless the context
otherwise requires, have the following meanings.

"[Bankruptcy Code]{.underline}": Title 11 of the United States Code.

"[Chapter 12]{.underline}": Chapter 12 of the Bankruptcy Code.

"[Court]{.underline}": The United States Bankruptcy Court for the
Eastern District of Missouri.

> "[Confirmation]{.underline}": The entry by this Court of a final and
> non-appealable order confirming the Plan in accordance with Chapter 12
> of the Bankruptcy Code.
>
> "[Effective Date]{.underline}": The date of entry by this Court of a
> final and non-appealable order approving and confirming the Debtors'
> Chapter 12 Plan.

**ARTICLE I**

**[EARNINGS SUBMITTED FOR EXECUTION OF THE PLAN]{.underline}**

The Debtors' plan is to conduct primarily a [row
crop/livestock]{.underline} operation. The Debtors' net income, after
deducting the payments required under the Plan to creditors and to the
Chapter 12 Trustee ("[Trustee]{.underline}") is sufficient to fund this
Plan.

The Debtors have on hand the sum of \_\_\_\_\_\_\_\_\_\_\_\_\_\_ from
the sale of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. This does not
include \_\_\_\_\_\_ which the Debtors are supposed to receive from
counter-cyclical payments, an FSA program payment which the Debtors
anticipate will be deducted from their \_\_\_\_\_ payments because the
grain price was higher. The Debtors have filed a motion to use cash
collateral to use certain of these funds to make necessary payments this
fall. The Debtors have reached a stipulation with
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ to permit them to use the sum of
\_\_\_\_\_\_\_\_\_\_\_\_\_ from these payments, with the remaining
\_\_\_\_\_\_\_\_\_\_\_\_\_\_ being paid to
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ to reduce its pre-petition debt.
The trustee will receive the money to make the payments referenced in
this stipulation, for which a fee of 5% will be paid to the Trustee as
the Trustee's fee in this case.

The Debtors shall be entitled to retain up to \$20,000 annually after
payment of their plan payments, taxes, and living expenses to assist
with putting in the following year's crop. This \$20,000 will not be
included as net disposable income for purposes of calculations of
distributions to unsecured creditors.

Any excess net disposable income after the deductions set forth above of
the Debtor shall be paid to the Trustee for distribution to unsecured
creditors. The Debtors' projected income and expenses are summarized on
Exhibit A attached to the Plan. The Debtors' projected Plan payments are
summarized on Exhibit B attached to the Plan. The Debtors' liquidation
analysis is summarized on Exhibit C attached to the Plan.

**ARTICLE II**

**[CLAIMS & INTERESTS DEALT WITH UNDER THE PLAN]{.underline}**

2.1 [Trustee Fees.]{.underline} The Trustee shall receive as
compensation for his services a fee of five percent (5%) of payments
from the Debtors payable to the Trustee at the time payments are made to
creditors, plus reasonable attorneys fees and expenses allowed by the
Court, pursuant to § 326(b) of the Bankruptcy Code and L.R. 2016-4. Said
fees shall apply to all payments made on all pre-petition debt.
Post-petition farming payments both accruing and made post petition,
including landlord lease payments and repayment of any crop input liens
both accruing and made post petition, are not subject to a Trustee fee.
Said Trustee fee shall be in addition to the amount paid for payments on
secured claims, with a Trustee fee of 2.5% being deducted from any
proceeds derived from any future sales of real estate or other
liquidations.

2.2 [Other Priority Claims.]{.underline} All other claims entitled to
priority under § 507 of the Bankruptcy Code will be paid in full. The
Debtors are aware of the following priority claims:

> a\. Personal and real property taxes in the amount of
> \_\_\_\_\_\_\_\_\_\_\_\_ and sales tax for
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_ purchased pre-petition;
>
> b\. Federal/State income taxes for \_\_\_\_\_\_\_\_ of
> \_\_\_\_\_\_\_\_\_\_; and
>
> c\. The balance due on the Debtors' attorneys fees, with a
> \_\_\_\_\_\_\_\_\_ retainer having been paid by the Debtors, which
> would be a credit against any fees to be paid in this Plan. Counsel
> for the Debtors estimates the balances due on fees, after applying the
> retainer, will be approximately \_\_\_\_\_\_\_\_\_\_\_\_.
>
> 2.3 [Treatment of Priority Claims.]{.underline}
>
> a\. The Missouri Department of Revenue has an allowed priority tax
> claim in the amount of \_\_\_\_\_\_\_\_\_\_ stemming from unpaid
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ tax. The Debtors have filed their
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ individual income tax return. The
> balance due on the
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ return will be
> paid, without interest, to the Missouri Department of Revenue no later
> than \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. The Debtors will make
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_ equal annual installments on the Missouri
> Department of Revenue's priority tax claim commencing
> \_\_\_\_\_\_\_\_\_\_\_\_\_. Interest will accrue on the priority tax
> claim commencing \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, and will be included
> in the installment payment. In the event that the
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ priority tax claim and
> the Debtors' \_\_\_\_\_\_\_\_\_\_\_ individual income tax return are
> not paid in accordance with the terms of the Confirmation order, the
> Debtors will be in default. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ will
> provide the Debtors with written notice of the default by mail. If the
> default is not cured within fifteen (15) days after notification, the
> entire amount shall at once become due and payable without further
> notice. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ may thereafter proceed
> with either or all of the following remedies: 1) enforce the entire
> amount of its claim; 2) exercise any and all its rights and remedies
> under \_\_\_\_\_\_\_\_\_\_\_\_\_\_; (3) seek such relief as may be
> appropriate in this Court.
>
> b\. Attorneys fees will be paid within sixty (60) days of approval by
> the Court, unless the Debtors and the Debtors' attorney agree to
> payment on a different schedule.
>
> c\. The attorneys fees incurred by the Trustee in this matter are
> projected to be approximately \_\_\_\_\_\_\_\_\_\_\_\_\_. Said fees
> shall be paid within thirty (30) days of the date on which the Court
> approves the application for allowance and payment of those fees,
> unless the parties agree otherwise.

2.4 [Treatment of Secured Claims.]{.underline} The Debtors believe that
the value, as of the effective date of the Plan, of property to be
distributed by the Trustee or the Debtors under the Plan on account or
each allowed secured claim, is not less than the allowed amount of such
claim.

**ARTICLE III**

**[SECURED CLAIMS]{.underline}**

3.1 ***[\"Secured Claim 1\"]{.underline}*** -
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ is a secured creditor with debts
secured by a \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, which the Debtors
have scheduled with a liquidation secured value of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_, although the \_\_\_\_\_\_\_\_\_\_\_\_
claim as filed shows a value of \_\_\_\_\_\_\_\_\_\_\_\_\_\_ and balance
due on the debt to \_\_\_\_\_\_\_\_\_\_\_ as of the date of filing, in
the amount of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. For the purposes of
this plan, the Debtors will treat this claim as fully secured to the
extent of the claim balance only.

The claim of \_\_\_\_\_\_\_\_\_\_\_ shall be satisfied in part by the
surrender of the collateral pursuant to § 1225(a)(5)(C) of the
Bankruptcy Code. \_\_\_\_\_\_\_\_\_ shall be entitled following the
disposition of the returned collateral, to amend its claim so that any
deficiency claim will be allowed to share with the general unsecured
claims.

3.2 ***[\"Secured Claim 2\"]{.underline}*** - The claim of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ is secured by an interest in a
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, which the Debtors have scheduled with
a liquidation value of \_\_\_\_\_\_\_\_\_\_\_\_, although \_\_\_\_\_\_
claims this debt is fully secured with the balance due on the debt to
\_\_\_\_\_\_\_\_\_, as of the date of filing, in the amount of
\_\_\_\_\_\_\_\_\_\_\_\_\_.

The claim of \_\_\_\_\_\_\_ shall be satisfied by the surrender of the
collateral pursuant to § 1225(a)(5)(C) of the Bankruptcy Code.

3.3 ***[\"Secured Claim 3\"]{.underline}*** - The claim of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ is secured by an interest in
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ which
the Debtors have scheduled with a liquidation value of
\_\_\_\_\_\_\_\_\_\_\_\_\_, with a balance due on the debt to
\_\_\_\_\_\_\_\_\_\_\_, as of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, in
the amount of \_\_\_\_\_\_\_\_\_\_\_. \_\_\_\_\_\_\_\_\_ claims the
value of the collateral to be \_\_\_\_\_\_\_\_\_\_. The Debtors have
agreed with \_\_\_\_\_\_\_\_ that its debt shall be secured to the
extent of \_\_\_\_\_\_\_\_\_\_ collateral value.
\_\_\_\_\_\_\_\_\_\_\_\_ shall be entitled to file an amended claim to
reflect the unsecured portion of their claim. All other terms of the
note, not modified herein, shall remain in full force and effect.

The claim of \_\_\_\_\_\_\_\_\_ shall be modified to pay the fair market
value of the collateral, at the interest rate of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_, for a \_\_\_\_\_ year amortization, which
is an annual payment in the amount of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_,
with the first payment to be made on \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ and
a like amount on the first day of \_\_\_\_\_\_\_\_\_\_\_\_ of each
subsequent year. The last payment shall pay the unpaid interest and
principle.

\_\_\_\_\_\_\_\_\_ shall retain its lien on the subject collateral until
the secured indebtedness is paid. The Debtors shall maintain insurance
naming \_\_\_\_\_\_\_\_\_ as a loss payee to the extent or greater of
the recited value against all peril, loss and theft with this current
policy or evidence of such insurance in the hands of \_\_\_\_\_\_\_\_\_
at all times while an indebtedness with \_\_\_\_\_\_\_\_ exists and such
insurance shall be with a company rated at least B+ or better in the
Best Guide. The Debtors shall maintain the collateral in a condition
satisfactory to \_\_\_\_\_\_\_and shall permit inspection of the
collateral within 2 business days of such a request.

Upon default of any payment or agreement or obligation of the Debtors in
favor of \_\_\_\_\_\_\_\_\_\_\_, whether contained in the Plan or in the
original loan documents, \_\_\_\_\_\_\_\_\_ shall file a notice of
default with the Court and serve the notice on the Trustee, the Debtors,
and the attorney for the Debtors, and if said default is not cured
within twenty (20) days from the mailing of said notice,
\_\_\_\_\_\_\_\_\_\_\_ shall be allowed to send the Court, *ex parte*, a
proposed order terminating the automatic stay as to \_\_\_\_\_\_\_\_\_'s
collateral. Only one of such cure or notice shall be provided in the
event of a default occurring as a result of nonpayment.

3.4 ***["Secured Claim 4\"]{.underline}*** - The claim of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ is secured by a
purchase money lien on a \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ in the
net amount of \_\_\_\_\_\_\_\_\_\_\_ as of the date the case was filed.
This debt is being treated as fully secured. Should it be determined
that \_\_\_\_\_\_\_\_ did not take the required steps to perfect its
security interest and this claim is determined to be unsecured, the
treatment set forth herein will be set aside and the debt of
\_\_\_\_\_\_\_\_\_\_\_ will be included in the general unsecured debts.

The claim of \_\_\_\_\_\_\_\_\_ shall be unmodified if
\_\_\_\_\_\_\_\_\_ has a perfected lien. The Debtors shall continue to
make monthly payments in the amount of \_\_\_\_\_\_\_\_\_\_, which shall
be paid to the Trustee for the benefit of \_\_\_\_\_\_\_\_\_\_ if its
lien is fully perfected, or for the benefit of unsecured creditors if
the lien of \_\_\_\_\_\_\_\_\_\_ is not perfected. The right to have the
lien adjudicated shall continue to be vested in the Trustee post
confirmation. If the Trustee fails to initiate an adversary proceeding
seeking to set aside the lien within 60 days of the entry of the
confirmation order, the lien of \_\_\_\_\_\_\_\_\_\_ shall be deemed
perfected.

If \_\_\_\_\_\_\_\_\_\_\_\_ has a perfected lien, all payments made by
the Debtors shall be applied against the outstanding balance according
to the terms of the contract and \_\_\_\_\_\_\_\_\_\_\_\_ shall retain
its lien on the subject collateral until the secured indebtedness is
paid. The Debtors shall maintain insurance naming \_\_\_\_\_\_\_\_\_\_\_
as a loss payee to the extent or greater of the recited value against
all peril, loss and theft with this current policy or evidence of such
insurance in the hands of \_\_\_\_\_\_\_\_\_\_ at all times while an
indebtedness with \_\_\_\_\_\_\_\_\_\_\_\_ exists, and such insurance
shall be with a company rated at least B+ or better in the Best Guide.
The Debtors shall maintain the collateral in a condition satisfactory to
\_\_\_\_\_\_\_\_\_\_ and shall permit inspection of same within 2
business days of such request.

If \_\_\_\_\_\_\_\_\_\_\_ has a perfected lien, upon default of any
payment or agreement or obligation of the Debtors in favor of
\_\_\_\_\_\_\_\_\_, whether contained in the Plan or in the original
loan documents, \_\_\_\_\_\_\_\_\_\_ shall file a notice of default with
the Court and serve the notice on the Trustee, the Debtors, and the
attorney for the Debtors, and if said default is not cured within twenty
(20) days from the mailing of said notice, \_\_\_\_\_\_\_\_\_\_ shall be
allowed to send the Court, *ex parte*, a proposed order terminating the
automatic stay as to \_\_\_\_\_\_\_\_\_\_\_'s collateral. Only one of
such cure or notice shall be provided in the event of a default
occurring as a result of nonpayment.

The Debtors will account to the Trustee for post petition payments and
remit to the Trustee the sum of 5% as a Trustee fee for the
post-petition payments on the pre-petition debt.

3.5 ***["Secured Claim 5\"]{.underline}*** - The claim of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ is secured by a purchase money lien
on a \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ in the net amount of
\_\_\_\_\_\_\_\_\_\_\_ as of the date the case was filed.

The claim of \_\_\_\_\_\_\_\_\_\_ shall be modified to pay the balance
due on the debt, at the interest rate of \_\_\_\_\_\_\_\_\_\_\_\_, on
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, which is a single payment in the
amount of \_\_\_\_\_\_\_\_\_\_\_\_.

\_\_\_\_\_\_\_\_\_\_\_\_\_ shall retain its lien on the subject
collateral until the secured indebtedness is paid. The Debtors shall
maintain insurance naming \_\_\_\_\_\_\_\_\_\_\_\_\_ as a loss payee to
the extent or greater of the recited value against all peril, loss and
theft with this current policy or evidence of such insurance in the
hands of \_\_\_\_\_\_\_\_\_\_\_\_ at all times while an indebtedness
with \_\_\_\_\_\_\_\_\_\_\_\_ exists and such insurance shall be with a
company rated at least B+ or better in the Best Guide. The Debtors shall
maintain the collateral in a condition satisfactory to
\_\_\_\_\_\_\_\_\_\_\_\_\_\_ and shall permit inspection of same within
2 business days of such request.

Upon default of any payment or agreement or obligation of the Debtors in
favor of \_\_\_\_\_\_\_\_\_\_\_\_, whether contained in the Plan or in
the original loan documents, \_\_\_\_\_\_\_\_\_\_\_\_\_\_ shall file a
notice of default with the Court and serve the notice on the Trustee,
the Debtors, and the attorney for the Debtors, and if said default is
not cured within twenty (20) days from the mailing of said notice,
\_\_\_\_\_\_\_\_\_\_\_\_\_ shall be allowed to send the Court, *ex
parte*, a proposed order terminating the automatic stay as to
\_\_\_\_\_\_\_\_\_'s collateral. Only one of such cure or notice shall
be provided in the event of a default occurring as a result of
nonpayment.

The Debtors will account to the Trustee for post petition payments and
remit to the Trustee the sum of 5% as a Trustee fee for the
post-petition payments on the pre-petition debt.

3.6 ***["Secured Claim 6\"]{.underline}*** - The claim of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ is secured by a mortgage
in the amount of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ as of the date of
filing, plus \_\_\_\_\_\_\_\_\_\_\_\_\_\_ in post-petition interest and
attorneys fees, on the Debtors' residence and \_\_\_\_\_\_ acres of real
estate. All other terms of the note, not modified herein, shall remain
in full force and effect.

The claim of \_\_\_\_\_\_\_\_\_\_\_\_ shall be modified to pay the sum
of \_\_\_\_\_\_\_\_\_\_\_ from the agreed use of cash collateral (see
\_\_\_\_\_\_\_\_\_\_\_\_\_\_), which reduces the balance due as of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_ to \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, the
balance due on the debt, which the Debtors believe is less than the fair
market value of the real estate secured to \_\_\_\_\_\_\_\_\_\_\_\_\_,
at the interest rate of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_,
with the first payment due \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, with
payments based on a \_\_\_\_\_\_\_\_\_ year amortization, which is an
annual payment in the amount of \_\_\_\_\_\_\_\_\_\_\_\_. This loan
shall balloon and be fully due and payable on the \_\_\_\_\_\_\_\_\_
anniversary of the Plan's effective date. The interest rate on this loan
shall remain fixed for the life of the plan. Thereafter, the interest
rate shall vary annually to \_\_\_% over the Wall Street Journal prime
rate as of \_\_\_\_\_\_\_\_\_\_\_\_, with the first adjustment to be on
\_\_\_\_\_\_\_\_\_\_\_\_\_\_. The interest rate shall never be less than
\_\_\_%, nor more than \_\_\_% annually.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ shall retain its lien on the subject
collateral until the secured indebtedness is paid. The Debtors shall
maintain insurance naming \_\_\_\_\_\_\_\_\_\_ as a loss payee to the
extent or greater of the recited value against all peril, loss and theft
with this current policy or evidence of such insurance in the hands of
\_\_\_\_\_\_\_\_\_\_\_\_\_ at all times while an indebtedness with
\_\_\_\_\_\_\_\_\_\_\_ exists and such insurance shall be with a company
rated at least B+ or better in the Best Guide. The Debtors shall
maintain the collateral in a condition satisfactory to
\_\_\_\_\_\_\_\_\_\_ and shall permit inspection of same within 2
business days of such request.

Upon default of any payment or agreement or obligation of the Debtors in
favor of \_\_\_\_\_\_\_\_\_\_\_, whether contained in the Plan or in the
original loan documents, \_\_\_\_\_\_\_\_\_ shall file a notice of
default with the Court and serve the notice on the Trustee, the Debtors,
and the attorney for the Debtors, and if said default is not cured
within twenty (20) days from the mailing of said notice,
\_\_\_\_\_\_\_\_\_\_\_ shall be allowed to send the Court, *ex parte*, a
proposed order terminating the automatic stay as to
\_\_\_\_\_\_\_\_\_\_\_'s collateral. Only one of such cure or notice
shall be provided in the event of a default occurring as a result of
nonpayment.

3.7 ***["Secured Claim 7\"]{.underline}*** -
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ is the owner and holder of
two separate promissory notes as follows:

> Note No. \_\_\_\_\_\_\_\_\_\_ - \_\_\_\_\_\_\_\_\_\_\_\_\_,
> \_\_\_\_\_\_\_\_\_\_\_ per diem (\_\_\_\_% guaranteed by \_\_\_\_\_\_)

Note No. \_\_\_\_\_\_ - \_\_\_\_\_\_\_, \_\_\_\_\_\_\_\_ per diem

having a total balance of\_\_\_\_\_\_\_\_\_\_\_\_ as of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, together with interest accrual
of \_\_\_\_\_\_\_\_\_\_\_ per diem after
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ and attorneys fees accruing after
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Both notes are
cross-collateralized and are fully secured by a second deed of trust on
the Debtors' residential real estate (including the house and \_\_\_\_
acres) as well as all crops, livestock, equipment, farming equipment and
machinery, farm products and supplies, instruments and chattel paper,
documents, inventory, accounts and contract rights, government payments
and programs, assignment of crop insurance and U.S. Department of
Agriculture payments, investment property, deposit accounts, general
intangibles, all now owned or hereafter acquired and
\_\_\_\_\_\_\_\_\_\_\_\_\_.

\_\_\_\_\_ shall have a replacement lien on all of the above collateral,
and shall have a second lien on the Debtors'
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. The Debtors shall cooperate with
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ in effecting perfection of the
lien on the title of the vehicle.

As long as \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ retains a security interest in
the Debtors' livestock, the Debtors shall be permitted to sell
livestock, with the proceeds of any sale to be used as follows: the
proceeds of any sale of any dairy or breeding animals may be used to
replace said dairy or breeding animals with the lien of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_ to attach to said replacement animals; the
proceeds of any sale of any offspring shall be divided equally between
the Debtors and \_\_\_\_\_\_\_\_\_\_\_\_\_, the lien of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ being released as to that portion of
proceeds retained by the Debtors. Should the Debtors purchase any
property, including livestock, with their share of proceeds of the sale
of offspring, \_\_\_\_\_\_\_\_\_\_\_ shall have no lien on said
property.

This secured claim shall be paid in full (including attorneys fees),
with interest at the rate of \_\_\_% per annum, as follows:

> a\. The Debtors shall tender to \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
> the proceeds from \_\_\_\_\_\_\_\_\_\_\_\_\_ crops and program
> payments for application on the indebtedness (less
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ which the Debtors have been allowed
> to use pursuant to a stipulation for adequate protection and use of
> cash collateral entered into between
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ and the Debtors). It is
> anticipated that application of said proceeds shall result in a net
> reduction of approximately \_\_\_\_\_\_\_\_\_\_\_\_\_\_ on the
> indebtedness. The remaining indebtedness after application of said
> proceeds shall be paid as follows:

i\. \_\_\_\_\_\_\_\_\_\_\_\_\_\_ of said claim shall be amortized over
\_\_\_\_ years, with a \_\_ year balloon. Annual payments of principal
and interest shall be made on \_\_\_\_\_\_\_\_\_\_ of each year,
commencing on \_\_\_\_\_\_\_\_\_\_\_, with the balance of said
indebtedness being due in full on \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.
\_\_\_\_\_% of each such payment shall be applied to Note No. \_\_\_\_\_
and \_\_\_\_% of each such payment shall be applied to Note No.
\_\_\_\_. The Debtors' project this payment to be \_\_\_\_\_\_\_.

ii\. The balance of the claim of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_
shall be amortized over \_\_\_ years, with a \_\_\_ year balloon. Annual
payments of principal and interest shall be made on \_\_\_\_\_\_ of each
year, commencing on \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, with the balance
of said indebtedness being due in full on
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. \_\_\_\_\_\_% of each such payment shall
be applied to Note No. \_\_\_\_\_\_ and \_\_\_\_\_% of each such payment
shall be applied to Note No. \_\_\_\_\_\_. The Debtors' project this
payment to be \_\_\_\_\_\_\_\_\_\_\_\_\_\_.

Confirmation of the Plan shall constitute the granting to
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ of a judgment of
non-dischargeability against the Debtors, jointly and severally, in the
amount of \_\_\_\_\_\_\_\_\_\_\_\_\_.

The Debtors agree to keep the collateral insured in accordance with the
terms of the original loan agreement notes and security agreements, and
to furnish proof of such insurance annually and at any other time as
requested by creditor upon 2 business days' notice.

The Debtors shall pay all real estate and personal property taxes in a
timely manner when due. Failure to pay such taxes when due shall
constitute a default under the Plan.

The Debtors shall annually sign and provide to
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ copies of a current balance sheet
and tax returns as the tax returns are submitted to the taxing
authority. Failure to provide such documents shall be an act of default.
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ shall have the right to inspect
the collateral upon two business days' notice to the Debtors.

During the term of the loan, the Debtors shall assign all government
program payments to \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ shall continue to guarantee the
indebtedness of the Debtors to \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ on
Note No. \_\_\_\_\_\_\_\_. Except as otherwise specifically provided
herein, all the terms, covenants and conditions of the Debtors' loan
documents to \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (including the
promissory notes and all documents relating to said notes or securing
said notes) shall remain in full force and effect, outstanding and
unmodified, to the extent that said terms, covenants and conditions are
not inconsistent with the provisions of the Bankruptcy Code, any order
of this Court, and this confirmed Plan.

Upon default of any payment or agreement or obligation of the Debtors in
favor of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, whether contained in
the Plan or in the original loan documents,
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ shall file a notice of default
with the Court and serve the notice on the Trustee, the Debtors, and the
attorney for the Debtors, and if said default is not cured within twenty
(20) days from the mailing of said notice,
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ shall be allowed to send the
Court, *ex parte*, a proposed order terminating the automatic stay as to
\_\_\_\_\_\_\_\_\_'s collateral.

The Debtors' retain the right to review the claim of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ to determine the accuracy of the
charges and credits on their loans.

**ARTICLE IV**

**[UNSECURED CLAIMS]{.underline}**

The Debtors believe they may have \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ equity
in their property to be distributed. The Trustee has expressed his
position that the equity may exceed \_\_\_\_\_\_\_\_\_\_\_\_\_\_. The
Debtors and the Trustee have compromised their dispute in this regard.
The Debtors will submit to the Trustee \_\_\_\_\_\_\_\_\_\_ annual
payments of \_\_\_\_\_\_\_\_\_\_\_\_\_\_, beginning
\_\_\_\_\_\_\_\_\_\_\_\_, for a total sum of \_\_\_\_\_\_\_\_\_\_\_\_.
The Trustee will distribute these payments to the unsecured creditors.

In addition, excess net disposable income, as set forth in Article I,
will be paid annually to the Trustee for pro-rata distribution to
creditors based on unsecured claims filed. The Debtors shall prepare and
file their annual tax returns, providing a copy to the Trustee, and
shall file quarterly reports with the Trustee in a form substantially
similar to that required in the U.S. Trustee Chapter 12 Handbook, so
that the Trustee will be provided with an adequate accounting of the net
disposable income.

**ARTICLE V**

**[LEASES AND EXECUTORY CONTRACTS]{.underline}**

5.1 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_'s ("[Creditor]{.underline}")
treatment shall be as follows:

> a\. The Creditor is the true owner of a
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_, (the "[Equipment]{.underline}"). The
> Equipment is the subject of one (1) lease agreement (hereinafter
> "[Lease Agreement]{.underline}").
>
> b\. The Creditor has filed its proof of claim in the amount of
> \_\_\_\_\_\_\_\_\_\_\_, which includes all payments due under the
> Lease Agreement, plus accruing post-petition attorneys fees and costs.
>
> c\. It is agreed that the Debtors hereby assume and accept the Lease
> Agreement, as modified for payment only as described in paragraph 4
> herein, pursuant to § 365 of the Bankruptcy Code and will fulfill all
> of the terms of the Lease Agreement.
>
> d\. The parties agree and stipulate that the Debtors shall make their
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ payment in the amount of
> \_\_\_\_\_\_\_\_\_\_\_\_ within thirty (30) days after entry of the
> order approving the lease assumption. The Debtors also agree to
> exercise their lease buyout provision and The Creditor will allow the
> exercise of that buyout provision for the sum of
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_ plus all reasonable attorney's fees and
> costs due on or before the final residual payment under the Lease
> Agreement, not later than \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_,
> time being of the essence. All payment will be made through the
> offices of the Trustee and any and all Trustee's fees will be paid by
> the Debtors. The Trustee will deliver payments received hereunder
> directly to the Creditor \_\_\_\_\_\_\_\_\_\_\_, at
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.
>
> e\. If these proceedings are converted to any other chapter of the
> Bankruptcy Code, this agreement shall apply in the converted case.
> If 1) the bankruptcy proceedings are dismissed for any reason; 2)
> following thirty (30) days notice of default filed with the Court and
> served upon the Trustee, the Debtors, and the attorney for the
> Debtors, the Debtors fail to make a scheduled payment as set forth
> within the Lease Agreement or cure any past-due payment; or 3) there
> is any other breach or default of this agreement or the Lease
> Agreement, this agreement and the attached Lease Agreement shall be
> deemed in default, and the Creditor shall be allowed to send the
> Court, *ex parte*, a proposed order terminating the automatic stay as
> to the Creditor's collateral. The Debtors further agree to voluntarily
> turn over the Equipment in the event of default. Only one of such cure
> or notice shall be provided in the event of a default occurring as a
> result of nonpayment.
>
> f\. The parties agree that the treatment of the Creditor set forth
> herein will be made a part of the Debtors' Plan and any amended plan
> presented to the Court in these proceedings or any other bankruptcy
> proceedings in which the Debtors are debtors.
>
> g\. The Debtors agree to maintain insurance coverage on the Equipment
> pursuant to the terms of the Lease Agreement and supply the Creditor
> with proof of said insurance.
>
> h\. The terms and provisions of the Lease Agreement are made a part of
> this stipulation, and the Debtors agree to comply with all terms
> thereof. Any conflicts between the attached Lease Agreement and this
> stipulation shall be resolved in favor of the Lease Agreement.
>
> i\. The Debtors agree that all notices, including notices of default,
> may be sent to the Debtors' counsel,
> \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_by regular
> United States mail.

5.2 The Debtors' leases of farmland are as follows:

**Landlord Acres Lease amt. Bal. due**

The Debtors only farmed on the leases of
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ in \_\_\_\_\_\_, but have been
advised by the other landlords that they will be able to plant using all
of their leased property in \_\_\_\_\_\_. The landlords to whom payments
for the \_\_\_\_\_\_ crop year are being made are in the nature of
critical vendors, who must receive their payment for the \_\_\_\_\_\_
crop year to permit the Debtors to farm for the \_\_\_\_\_\_ crop year.
All leases shall continue in effect, and confirmation of this Plan will
continue all crop arrangements between the Debtors and their lessors.
The confirmation of this Plan shall not alter the rights of any parties
under law, other than as set forth herein.

There will be no Trustee fee assessed on ground lease payments for
farming years \_\_\_\_\_\_\_ and after, since these are not pre-petition
debts.

Upon default of any payment or agreement or obligation of the Debtors
contained herein or in any lease provision, the lessor shall file a
notice of default with the Court and serve the notice on the Trustee,
the Debtors, and the attorney for the Debtors. If said default is not
cured within twenty (20) days of the mailing of said notice, and no
objection or other response is filed by the Trustee or the attorney for
the Debtors, the lessor shall submit an order to the Court granting
relief from the automatic stay as to its collateral.

**ARTICLE VI**

**[VESTING OF PROPERTY, PAYMENT METHOD, AND LIEN
RETENTION]{.underline}**

Except as otherwise provided in the Plan, the property of the estate
shall vest in the Debtors upon confirmation of the Plan.

All payments are to be made to the Trustee through the life of the Plan.

All secured creditors shall retain their liens to the extent of the
value of the collateral pledged as security.

**ARTICLE VII**

**[CONTINUED OPERATION]{.underline}**

The Debtors anticipate that it may be necessary to borrow crop input
expense money, on notice to the Trustee, their creditors, and all
parties in interest, to put in their crop. The Debtors have a commitment
from \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ to provide
\_\_\_\_\_\_\_\_\_\_\_\_\_\_ to \_\_\_\_\_\_\_\_\_\_\_\_\_\_ for crop
input expenses for crop year \_\_\_\_\_\_\_\_\_\_\_\_ (the exact amount
will be set forth in the Debtors' motion to incur secured borrowing
obligation). A motion to incur secured debt will be filed on notice to
all parties in interest so that crop input financing can be obtained
prior to the crop insurance sign-up deadline. The Debtors shall be
authorized, upon notice to all parties, to borrow such funds for farming
years \_\_\_\_\_\_\_\_\_, and following years as shall be necessary, on
terms as set forth in any motion to incur secured borrowing obligation
as shall be filed for those farming years.

The Debtors shall be authorized, without notice to the Court, Trustee,
or creditors, to participate in all government farm programs and execute
all documents necessary to effectuate their participation in said
programs. This authorization shall include the authority for the Debtors
to seal their row crops with the Commodity Credit Corporation (obtaining
a loan from the government for a fixed value for their row crops, which
permits the Debtors upon maturity to either deliver said crops to the
Commodity Credit Corporation in full satisfaction of its loan, or to
sell said crops, pay the Commodity Credit Corporation loan, and retain
the proceeds in excess of the loan payment for their farming
operations). Confirmation of this Plan authorizes the Debtors, after the
Plan's effective date, to seal their \_\_\_\_\_\_\_\_\_\_ crops as set
forth herein. Commodity Credit Corporation loans do not have a
requirement that the Debtor repay any amount should the crops not be
sold for an amount higher than the sealed price, since the sealed price
is, in effect, a guarantee to the farmer of the price for their crop.

Confirmation of this Plan authorizes the Debtors to participate in and
receive benefits of all government programs which are available to them.
These include all disaster, L.D.P., freedom to farm, and other similar
farm program payments. No separate application or order of the court
shall be required for the Debtors to participate in any government
programs. All government program payments will be made only to the
Debtors and will not be made to the Trustee, unless a separate order
shall be entered by the Court subsequent to the order which confirms
this Plan.

The Debtors shall be authorized to collect all monies due to them and
use said collected funds in their Chapter 12 farming operation except as
set forth herein. None of said funds shall be required to be turned over
to the Trustee unless a separate order of court shall be entered.

**ARTICLE VIII**

**[DURATION OF PLAN]{.underline}**

The Plan payments shall be made for a period of \_\_\_\_\_\_\_\_\_\_
years, unless the Debtors shall submit to the Trustee sufficient funds
to pay in full the priority and unsecured claims herein. Should the
Debtors submit to the Trustee sufficient funds to pay the priority and
unsecured claims herein in full, no further payments shall be due
through the Trustee, and this Plan shall be completed and this case
closed.

**ARTICLE IX**

**[LIQUIDATION]{.underline}**

The Debtors believe there are significant disputes concerning the equity
available for their unsecured creditors in the event of a Chapter 7
liquidation and, therefore, provide no guarantee of payment to unsecured
creditors other than the \_\_\_\_\_\_\_\_\_\_\_\_ per year referenced in
this plan.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Debtor

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Debtor

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_\_\_\_\_\_,

Attorney for Debtors

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_\_\_\_\_\_,

Chapter 12 Trustee

**EXHIBIT A**

**Debtors' Income and Expense Projections**

**Income**

\_\_\_\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_\_\_\_

Government Payments \_\_\_\_\_\_\_\_

Total

**Expenses**

Chemicals

Rent

Fertilizer

Trucking

Fuel

Insurance

Miscellaneous

Repairs

Seed

Spraying

\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_

Supplies

Family Living \_\_\_\_\_\_\_\_\_

Total

Annual projected funds

Less taxes \_\_\_\_\_\_\_\_\_\_

Balance

**EXHIBIT B**

**Debtors' Plan Calculations**

Local Taxes

Lease Buyout

Income Taxes

\_\_\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_\_\_

Unsecureds

Total

Trustee fee

Payment Amount

  ------------------ -------------- ---- ---- ------------- ------------- --
                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          

                                                                          
  ------------------ -------------- ---- ---- ------------- ------------- --

**EXHIBIT C**

**Debtors' Liquidation Analysis - date of confirmation**

Collateral Value Liquidation Expense Exemption Lien Net Value

Real Estate

Farm Truck

\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_

animals

equipment

Income

All other equipment and crops are either surrendered or they have been
disposed of pursuant to cash collateral orders or motions for relief
from the automatic stay. There was no equity for the unsecured creditors
in the returned property, nor in the property used as the result of the
cash collateral orders.

**EXHIBIT D**

UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF MISSOURI

\_\_\_\_\_\_\_\_\_\_ DIVISION

In Re: )

> ) Case No.

**\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_,** )

Debtors. ) Chapter 12

**[STIPULATION FOR ADEQUATE PROTECTION AND USE OF CASH
COLLATERAL]{.underline}**