<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: justify; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } span.s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000003 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0"><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=12:21:01:08"><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000000">12:21:01:08</span></a><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000001">.  Limitations on improvements and depreciable property.</span><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0"> Agricultural improvements and agricultural depreciable property that are to become a fixture or an integral part of real estate may be financed by the authority only if the beginning farmer</span><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">:</span></p><p dir="ltr" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0"><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74000002"> </span></p><p dir="ltr" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0"><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">    (1)  O</span><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">wns the real estate on which the property or improvement </span><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">is to</span><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0"> be located and the real estate is less than thirty percent of the median size farm in the county of residence</span><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">;</span><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0"> or</span></p><p dir="ltr" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0"><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74000002"> </span></p><p dir="ltr" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0"><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">    (2)  H</span><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">as a lease to use the real estate for a term at least as long as the loan remains outstanding.</span></p><p dir="ltr" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0"><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74000002"> </span></p><p dir="ltr" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0"><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">    </span><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000001">Source:</span><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0"> 22 SDR 97, effective January 22, 1996; 35 SDR 67, effective September 30, 2008</span><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">; 52 SDR 49, effective November 17, 2025</span><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">.</span></p><p dir="ltr" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0"><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">    </span><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000001">General Authority:</span><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-70"><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000003">1-16B-70</span></a><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">.</span></p><p dir="ltr" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0"><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">    </span><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000001">Law Implemented:</span><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-1"><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000003">1-16B-1</span></a><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">(3), </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-57"><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0-000003">1-16B-57</span></a><span class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74C0">.</span></p><p dir="ltr" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74P0"><span xml:space="preserve" class="s55c2a4b8-7aed-4899-ab5a-6b7cfd71bf74000002"> </span></p></div></body></html>